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PPI Claim News - 30/6/2010

Credit card charges: EU restricts banker bonuses payouts

European bankers will not be allowed to take home more than a third of their bonuses in cash following new legislation from the European Union.

From next year, banks will be forced to restrict cash bonuses, with the majority of employees receiving around 30 per cent upfront, the remaining funds may only be claimed based on the firm's performance.

Arlene McCarthy, Labour-party lawmaker, expressed her belief that the new laws will have a profound effect on banker bonuses.

She told Reuters: "The bankers have shown that despite the crisis, they are not able to show self-restraint. This law will do it for them. This will transform the bonus culture."

This ruling is the first ever limit on bonus payouts in the world.

Excessive salaries and bonuses have been prevalent in banks, even during the financial crisis.

In 2009, bankers took home £6 billion in bonuses while they are expected to collect an extra £0.8 billion in 2010.

Posted by Jennifer Haines

Jennifer's speciality knowledge is credit card changes and balance transfers.ADNFCR-2776-ID-19867107-ADNFCR

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