There has been a boom in bonuses over the last measured period, particularly in the finance industry, a new report has found.
According to the Office for National Statistics, between December 2006 and April 2007, bonuses rose by £3 billion compared to the same period the year before.
Published in the Economic & Labour Market Review, the findings indicate that the finance sector saw most of the big bonus packages.
The figures show that the average earnings index rose above the steady level of 3.3 per cent to hit 4.8 per cent in January and 5.4 per cent in February.
Bonus payouts in these months were thought to contribute to the rise, as the start of the year is when firms normally splash out on remunerations.
The ONS notes that the effects from the timing of bonuses were less dramatic than previous years.
Yesterday, Broadbean Technology claimed that the banking sector is suffering from the effect of this summer's credit crunch, with advertised vacancies from the sector falling in number.
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