‘Allowances’ used as part of the fixed remuneration targeted by the European Commission, co-legislators and the EBA
Often perceived by the media as a tool to circumvent the bonus cap, the practice consisting of introducing so-called ‘position or role-based allowances’ is one of the elements underlined in the detailed analysis on remuneration practices across a sample of EU banks published by the European Banking Authority (EBA).
‘In general, these allowances, which are paid as fixed amounts in addition to the base salary, are considered by institutions as fixed remuneration. However, these allowances are discretionary, as they are paid to selected members of staff and in most cases only for a limited period of time. Under exceptional circumstances, they can also be cancelled,’ stated the EBA…
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Briefings from Arendt & Medernach
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