The average bonus pay out for a City worker has climbed to represent 30 per cent of salary, according to new research from Joslin Rowe.
Across the financial services sector, bonus pay outs are expected to rise by 12.3 per cent year on year, more than double the rate of growth for bonuses in the wider economy, which are expected to grow by 5.8 per cent.
Among the 300,000 people working in the City, who earn an average of £47,116, bonuses are expected to rise to £13,607, or 28.9 per cent of salary.
Tara Ricks, managing director of Joslin Rowe said: "It's the big hitters who expect more than 50 per cent of their salary in bonuses – the private bankers, the corporate financiers.
"A lucky minority will earn several multiples of their basic salary. The booming stock market and blistering levels of M&A in 2006 have obviously played their part in inflating the numbers paid out in 2007."
She added that there was another factor at play, however, as bonuses were an increasingly important management tool, with employers becoming increasingly sophisticated in allocating the bonus pool to reward their best workers.
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