High earner - but unsettled

[Iprobap]

Annual pay about £250k, between 16% - 50% discretionary bonus and shares. Overseas based for UK global financial services company.

Personally still earn full salary, but possible no increase, bonuses and shares this year and next few maybe? I foresee retrenchments in future because of COVID-19.

I know we are on different scales on here and this is no brag. Curious to know if others are as unsettled by possibility of losing benefits because of impact of COVID-19 on global economy?

Well it's a non issue isn't it. OP is just moaning that they might not get a pay increase or a bonus.

OP, what do you do? What part of which industry are you in?

Your attitude is unusual. Everyone I know is grateful to have a job at the moment, however much or little they earn. In my sector a lot of senior management have already taken pay cuts and it's likely that redundancies will be on the way. Even though at all levels we're working harder than before just to keep things going. Pay is certainly not proportionate to effort compared to a year ago.

I agree it is unsettling to realise that yes, this affects you too, but I'm just surprised it's taken you so long.

@bobbiester

If I understand correctly - you are worried about pay dropping from £250,000 to perhaps £125,000.

Should you be unsettled by that? No of course not - would still be in the top 1% of earners.

If someone has been earning £250,000 pa for a while - and hasn't saved anything so that they can survive a drop to £125,000 pa - then we'll get out the tiny violins.

No, she's concerned about her bonus dropping. She'll still get 250k salary

@dwiz8. Where's the need to post how much you earn and that you'll struggle from not getting bonuses? It's understandable to worry about it privately, but making a borderline attention-seeking thread is taking the piss as far as diplomacy goes.

I have no idea how you survive on so little.

@NotJustACigar

Most of these posts are from sheer fantasists unlikely to earn even a tenth of what they claim.

Who made your list? Was I on it? 🤑 Just messing. My stories true. But honestly believing the disparity would help the country greatly. Sadly all real.

In all the companies I’ve worked for, bonuses have been based on my performance, the performance of my team, the performance of my department and the performance of the company as a whole. Therefore it was prudent never to rely on those bonuses, as some of those things were out of my hands.
While it is disappointing to not get what you have come to expect, sadly many people will be affected financially by this situation, which no one will have anticipated. But that’s life. It will affect your plans... your plans will have to change. Thankfully you will still have a roof over your head and food on your table.

We are in a similar position

My husband works for a large Chinese company and he earns similar to the amounts you mentioned but less bonus. I am definitely worried about the future regarding Covid, esp if it required his organisation to withdraw from the U.K. for which we might then need to relocate to a more 'China' friendly country

We have been doing a full financial 'stock check' over the last few months to make sure we have enough liquid assets in case it does go tits up and we need to cover our outgoings (which are high due to his salary) for a while

@Plumplumbadum

I think it's in poor taste to ask this right now, as many people here have lost their jobs and businesses. I'm sure someone will be along shortly to tell me IABU.

Absolutely.

@InSpaceNooneCanHearYouScream

Issues don't go away just because you earn well

Financial ones do

Not always...

Golden rule in financial services - never bank on your bonus

I think this thread is a mistake. There are plenty of people who are worried how they will survive when furlough ends. If on that income you can’t ride out the storm you’ve done something wrong.

As for your value - your work is only worth what people are prepared to pay for it.

Wow.

(Settles in).

"Your attitude is unusual. Everyone I know is grateful to have a job at the moment"

This! Never be "greatful" To who? Those who offer scraps. Fuck that

@ChazsBrilliantAttitude

Golden rule in financial services - never bank on your bonus

I think this thread is a mistake. There are plenty of people who are worried how they will survive when furlough ends. If on that income you can’t ride out the storm you’ve done something wrong.

As for your value - your work is only worth what people are prepared to pay for it.

Quite.

Cry me a river

Also a couple of things for everyone to note -

1. First of all, OP, welcome to Mumsnet - please, everyone, do take note that the OP has joined this website to make this post, so let us all bear this is in mind and extend for the OP a warm welcome for their very first post.

1. Secondly - there is off chance that the OP is actually struggling, massively financially and/or otherwise - for some people such things work as escapism (people post all sorts online for all reasons) in which case we should possibly wish them the very best.

Just also writing to MNHQ so that they can also warmly welcome OP to MN

Grr I hate these begging threads. 😡 I hope no one falls for the sob story and sends the OP any money.

I wish people got paid well for doing jobs that do things and add value to society rather than just move things around.

had plans, which will be slowed down by this

Boo hoo, do you realise how out of touch you sound? Have you any idea of the amount of people that have lost their jobs and face losing theirs because of Covid? And you on the salary you are? Words fail me.

Iprobap genuine question...why might you not get your bonus? To stave off further redundancies, to keep your business variable during this time? Wouldn’t that be worth it & fingers crossed that next year might be better??

@Drivingdownthe101

In all the companies I’ve worked for, bonuses have been based on my performance, the performance of my team, the performance of my department and the performance of the company as a whole. Therefore it was prudent never to rely on those bonuses, as some of those things were out of my hands. While it is disappointing to not get what you have come to expect, sadly many people will be affected financially by this situation, which no one will have anticipated. But that’s life. It will affect your plans... your plans will have to change. Thankfully you will still have a roof over your head and food on your table.

Don't insult peoples intelligence. Bonus's are not based on preformance. They are based on economics, bosses expenses, lawsuits, holidays and payouts.

I fervently hope you do get paid a fair rate for the actual contribution you make.
And welcome to MN, lovely of you to join and share such a relatable and sensitive post.

Yeah, I know what you mean op. I’m really unsettled about possibly losing the benefit of having a job. Honestly!

Ummmm....... try doing all that you do on less than 20k a year as DP lost his job at the start of lockdown.

Not everything revolves around the pounds in the bank