KPMG to cut jobs, pensions contributions - report

Accountancy firm KPMG is reportedly set to axe more than 100 jobs across its UK workforce and reduce contributions to employees' pension pots as it looks to cut costs and help counter the fallout from the coronavirus pandemic.

According to Sky News, the ‘big four’ firm will slash around 100 jobs from its 3,000-strong consulting practice and another 100 from its internal business services function. It was understood that chairman Bill Michael informed partners and affected employees in a briefing on Wednesday.

Sky also said the accountancy firm is launching a consultation on reducing employer pension contributions to 4.5% of salaries. The move would disproportionately affect older staff on more generous retirement funding arrangements.

Sky cited a person close to the company as saying that approximately 20% of employees would be affected.