43% of Irish workers say they received a Christmas bonus from their employer in 2017. This is much higher than expected – similar research undertaken before Christmas showed that just 25% expected they would get a bonus before the holidays.
Just 25% of respondents say that their employer utilised BIK to award staff with Christmas bonuses in 2017.
On the flip side, one fifth of Irish employees (20%) say their employer did not use the Benefit in Kind (BIK) exemption to reward them with a Christmas bonus in 2017. One4all has calculated that Employers who do not use this exemption could be wasting over €650 per employee. If a bonus of net €500 is paid through the payroll, businesses could be paying a total of €1,153.65 including added taxes – meaning a gift card exemption could save them up to 57%.
There are still a number of employees who are unaware of how they are rewarded however; (39%) were unsure as to whether their employer used this initiative.
Employee satisfaction concerning rewards is mixed, according to these results. Around a third (32%) of Irish workers are happy with how their employers rewarded them in 2017. However, almost a quarter (23%) picked ‘Strongly Disagree’ on this question.
Almost half of employees (48%) reckon Christmas bonuses should be based on individual performance; just over one fifth however (22%) say that bonuses are based on individual performance at their own company.