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One in four workers relies on bonus income
More than one in four employees rely on bonuses at work to boost their take-home pay, according to analysis by Kensington Mortgages.
Its analysis of government data showed 27.8% of UK workers – the equivalent of 8.62 million employees – receive bonuses on top of their salary.
Surprisingly, the bonus capital of the UK is not London, but Derby where 46.9% of employees receive bonuses. Inner London ranked just sixth behind Bracknell Forest, Milton Keynes, Windsor and Maidenhead, and Cheshire East.
Employees in Torbay and Middlesbrough are the least likely to receive bonuses. Just 14.1% in Torbay do compared with 15.6% in Middlesbrough.
Men are more likely to receive bonuses than women. The analysis shows 34.7% of male workers receive bonuses compared with just 21.1% of women.
Steve Griffiths, head of sales at Kensington, said: “Bonuses are an important part of total pay for more than eight million people. This is not about multi-million bonuses but hard working people who rely on additional bonus payments as part of their total income.
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“And, with the average house price now more than £200,000, it is hugely important for many people to find a lender that is able to consider all of their earned income, including bonus payments, when calculating how much they can afford to borrow.”