Bonus cap: is this the end of role-based allowances?

21 Oct 2014
employment

In response to EU rules limiting variable pay which came into force at the beginning of the year, many banks and investment firms started paying some staff “role-based allowances” (“RBAs”). Firms have been treating RBAs as fixed pay and so used them as a way of minimising the impact of the bonus cap rules. However, on 15 October 2014, the European Banking Authority (“EBA”) issued a report on RBAs, together with...

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