KPMG Freezes Pay for All UK Staff as Inflation Bites
• KPMG freezes pay for 12,000 UK employees amid economic slowdown • Decision comes weeks after KPMG announced job cuts and pay freeze in deals advisory arm • Employees typically get pay rises every year, but high inflation is leading to real-term pay cuts • Bonuses will also be reduced, with tax and legal staff getting 55% of potential full amount • Pay freeze extends beyond deals team to entire KPMG firm, suggesting all units affected by environment