Ernst & Young has asked staff in China to take low-pay leave to save
operating costs amid the economic downturn, Reuters reported.
The Big Four firm has launched an initiative to encourage its staff in China
to take 40 days of low-pay leave between July 2009 and June 2010, Reuters said.
Those who agree to participate in the programme can get 20% of their usual
salary while retaining all of the benefits of a full-time employee.
Ernst & Young has become the second Big Four firm use flexible working
schemes in an effort to trim costs.
In February nearly 70% of KPMG’s 11,000 UK staff applied to work a four-day
working week or take extended unpaid leave.
The flexible working scheme is designed to avoid redundancies at the
accounting firm if the economy deteriorates further.
E&Y’s low-pay leave plan will apply to Ernst & Young employees in
Hong Kong, Macau and mainland China where the firm has 8,500 employees in total.
Simon Wright of CareersinAudit.com discusses how an effective cyber defence force is critical to businesses worldwide and how internal auditors can make the transition to a new career in cyber security
The FRC has said that the investigation will 'consider, but not be restricted to, issues regarding misstated accounting balances'
Craig Maxwell joins the audit and assurance team in Scotland
Stephen Grayson to join the audit department in Manchester