AON TO PAY BACK 20% SALARY CUTS AS IT ENDS TEMPORARY REDUCTION

Aon has revealed it is to end its temporary salary reduction scheme after deciding the reductions are “no longer necessary”. The broker had announced plans for a temporary salary reduction for around 70% of its staff in late April amid fears about the impact of Covid-19 on its operations. But in a filing with the US Securities and Exchange Commission, the broker said its expectations of “worst-case macro-economic scenarios had decreased significantly”. As a result, the broker said it would end the salary reductions from July 1, with those who have been affected to be paid back in full, with an additional payment of 5% of the withheld amount. A temporary salary reduction of 50% for the broker’s named executive officers will remain in place for now, as will a 50% reduction in cash compensation for the board of directors.