Transport for London (TfL) has delayed bonus payments for senior managers until 2021 to deal with the financial ramifications of Covid-19 (Coronavirus).
Senior employees including area managers, train operators and senior application engineers, with salaries ranging from salaries of £50,000 – £149,0000, will have their bonus payments delayed for 12 months.
The transport organisation also confirmed that it will not be making any senior manager performance awards for the 2020/21 financial year.
Ben Story, board Member and chair of the remuneration committee at TfL, said:“In light of the very significant financial challenges faced by TfL and the ongoing discussions with Government about longer-term funding requirements, we have taken the decision to defer payout of all 2019/20 senior manager performance awards for 12 months.
“We have also decided today not to make any senior manager performance awards relating to the current financial year (2020/21). This will apply to all senior staff who are eligible for a TfL performance award.
“This decision reflects the exceptional circumstances in which we find ourselves and is not a reflection on the hard work and commitment of our staff, who have made, and continue to make, an exceptional contribution to London – particularly during this awful pandemic.
“Our staff have gone above and beyond in recent months and we are very sorry not to be able to reward good performance in the way in which we would normally.”