'Everyone's upset' | KPMG scraps overtime pay for junior auditors amid cost-cutting drive

KPMG has scrapped overtime pay for its junior auditors in the UK, a move that has angered staff and comes as the Big Four firm looks to rein in costs and shorten gruelling “busy season” working hours, according to reports.

The change ends the firm’s “recharges” policy, which had allowed auditors to claim extra pay for working more than 50 hours a week. The system had proved valuable during peak audit periods when staff often clocked up over 70-hour weeks.

Three KPMG auditors told the Financial Times that the firm has now removed the scheme, prompting frustration among junior employees. One junior auditor told the paper: “Everyone’s upset with it. A lot of the cohort don’t really see how anybody’s meant to be incentivised to stay long term, nor do we foresee where the future partners are going to come from.”

Audit chief says wellbeing is a priority

Catherine Burnet, head of audit at KPMG UK, told the FT: “Investing in our people and their careers is important to us and we have a strong pipeline of future talent.”