January 17, 2009

KPMG offers leaves or 4-day work weeks

The global business services firm KPMG is asking its 11,000 staff in Britain to take unpaid leave or face layoffs.

KPMG, one of the Big Four global accountancy firms, said in an e-mail to staff members asking them to take leaves of between four and 12 weeks on 30 percent pay or move to a four-day week with the fifth day unpaid.

The Times of London reported Saturday that the company, based in New York, will decide next month how many workers will take part in the leave program.

The newspaper said KPMG's move follows staff reductions at its rivals PricewaterhouseCoopers and Deloitte last year.

The cuts are blamed on a significant drop in the amount of corporate finance, mergers and acquisitions and bank lending advisory work since the global credit crunch.