Just 30% of businesses commit to 2020 Christmas bonus
Just three in 10 businesses that offer annual Christmas bonuses have committed to doing so in 2020.
Numerous businesses have not confirmed if they will offer their traditional annual bonus, and a recent survey by expenses app ExpensesOnDemand found the sole focus for the majority of businesses is cash flow as they struggle to manage through the winter.
ExpenseOnDemand founder Sunil Nigam said: “As the real economic impact of the pandemic takes effect many individuals are seeing reductions in pay as financial leaders manage in the short term to try and survive this difficult year.
“It is encouraging to see our survey showed a predicted shift from cash flow to sales over the next six months and we will be monitoring these trends closely.”
Businesses across the board have been hit hard by the coronavirus pandemic. The government has lent nearly £52bn to businesses via its emergency coronavirus loans funding schemes.
Earlier this year department store chain John Lewis confirmed it will not pay a staff bonus for the first time in more than 70 years as it posted a pre-tax loss of £635m in the first half.