Shell hands out 8% salary bonus to employees amid record profits

Shell plc has given the vast majority of its employees a bonus equivalent to 8 per cent of their annual salary as earnings surge to historic highs.

“In recognition of the contribution our people have made to Shell’s strong operational performance against a recent challenging backdrop, our Executive Committee has decided to make a Special Recognition Award of 8 per cent of salary to all eligible staff across the world,” Shell said in an email.

The energy major last week reported record profit for a second consecutive quarter thanks to soaring oil and gas prices and strong refining margins. That’s a turnaround for a company that shed thousands of jobs, suspended bonuses and capped salaries during the pandemic. It’s also prompted further calls for a tougher windfall tax as consumers suffer a cost-of-living crisis.

The one-time payment will be made to most of Shell’s 82,000 employees, but not to staff who are executive vice presidents or higher. It will not be handed out to contractors or secondees.

“The award enables those employees to share in our current operational and financial success,” Shell said. “It is not a response to inflation or cost-of-living challenges.”

© 2022 Bloomberg L.P.

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