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The Actuary The magazine of the Institute & Faculty of Actuaries

KPMG averts job losses

KPMG has concluded a consultation with its staff that will see all levels working a four-day week or taking a holiday, to avert job losses. Two-thirds of its 11 000 UK-based staff agreed to the scheme, which will start from March 2009 until 2010. Staff moving to a four-day week will lose one day’s pay, with those opting for extended holiday receiving 30% of their wages. No benefits are expected to be cut. Richard Bennison, chief operating officer, said the prospect of large-scale redundancies had been averted.