International law firm Taylor Wessing has split bonus payments for the 2020/21 financial year to deal with the economic uncertainty of the Covid-19 (Coronavirus) pandemic.
The organisation has decided to pay its employees their bonuses in full, however splitting it into two increments.
Employees will receive 50% of their bonus payments in July 2020 and will receive the remainder in November 2020.
This scheme was announced as a part of the organisation’s broader financial measures to support employees and preserve jobs during the Covid-19 (Coronavirus) pandemic. Since May 2020, a percentage of its employees across its UK offices, have been working reduced hours for reduced pay of up to 20%.
Shane Gleghorn, managing partner at Taylor Wessing, said: “In response to the current environment, we have proposed a slightly different approach to our bonus scheme this year. Our normal bonus scheme will go ahead as planned and individuals will be notified of their award in July. We anticipate that the bonus payments will be split so that they receive 50% of their bonus in July and the remaining 50% in November this year.”