BDO, one of the UK’s top accounting firms, is refusing to repay the 4. 4.5 million it received from taxpayers, despite paying an average of 5 8,518,000 to its 2,264 partners. In total, the company paid অংশ 137 million to its partners.
Paul Egland, the firm’s managing partner, said there had been a “moral debate” at the firm over whether to return the money, but the firm believed it had a greater responsibility to “invest in jobs.”
Egland said the money received from BDO in the early days of the epidemic helped the company save red00 people from potential redundancy. He said BDO partners have also suffered a lot, as their salaries have dropped from an average of £ 602,000 collected a year ago.
BDO rivals Deloitte and PWC did not receive any money from the government coronavirus job retention project, also known as the Farlow project. However, BDO took advantage of the emergency fund to subsidize the salaries of 450 first-year recruiters and 250 administrators.
BDO also received ল 2.7 million in financial support in June 2020, and the firm said it had a total of 4 million. received millions of dollars. He said the firm has raised the wages of Farlewood staff to 100% and has not made anyone redundant.
In a statement, Egland said: “The government has taken bold steps to provide emergency funding, which has undoubtedly saved many jobs and businesses across the UK. We would urge the government to ensure that future policies will also support medium-sized businesses, which is vital to the UK, but cannot be ignored and valued even after the UK has given jobs to three private sectors. ”
Luke Hildyard, director of the think tank at High Pay Center, said: “It is embarrassing for an organization to take millions of pounds of public money while paying such a huge amount for senior management.
“The defense they need for job security is proven when a small sacrifice on the part of each partner can offset the cost of well-being and still leave partners earning 500 500,000 a year, leaving them comfortably in the top 0.1% of UK earners. “
BDO reported a 25 25 million drop in underlying profits for the year in June, which it attributed to a decline in profits from the epidemic.
Under the coronavirus retention scheme, the government pays a maximum of বেতন 2,500 a month to 60% of animal workers. The amount paid was reduced from August, but increased again during the second national lockdown in November.
The total cost of the project to taxpayers in mid-November was £ 43 billion.