8.18 PM Monday, 27 May 2024
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:02 05:26 12:19 15:41 19:06 20:31
27 May 2024

UK's KPMG asks staff to cut hours to beat recession

Four-day weeks or long breaks of between one and three months are being offered to KPMG's British staff. (GETTY IMAGES)

By Reuters
Global accountancy firm KPMG has asked its 11,000 British staff if they would switch to a four-day week or take a long break to help avoid redundancies in the recession, a spokesman said on Saturday.

The London-based company said it had asked workers on Friday to volunteer for a shorter working week or a sabbatical of between one and three months, on 30 percent pay.

The measures are part of a contingency plan that would help the company cope with the worst economic turmoil for years.

"We have got no plans to immediately implement this," the spokesman said. "We are creating a pool of people who said they would be willing. If the need arises in the future and the market deteriorates, then we would be in a position to put some of these plans in place to manage costs."

The company has not said how many staff it would allow to take part in the scheme.

The economic downturn has cut the amount of advisory work for professional services firms around the world.

In Britain dozens of large companies have laid off staff to reduce costs. Car maker Nissan, retailer Marks Spencer and phone giant BT Group have all announced job cuts. The Centre for Economics and Business Research, an independent consultancy, estimates 28,000 financial services jobs were lost in London in 2008.