KPMG U.S. announces $160M increase in salaries

Big Four firm KPMG announced a nearly $160 million investment in salary increases Tuesday, increasing pay for approximately 30,000 employees.

The move was announced by KPMG U.S. chair and CEO Paul Knopp in a LinkedIn post titled "Investing in our people." The pay bump, Knopp wrote, recognizes the challenges and adaptability of firm staff over the last two years.

“This increase in salaries embodies our commitment to quickly recognize the value our people create for our clients and firm in times of change,” Knopp wrote. “Moreover, it reflects our appreciation for their resilience and consistent dedication to serving our clients and the capital markets with quality.”

KPMG previously announced compensation and benefit enhancements last October, again in recognition of hardships during the COVID-19 pandemic. These included a 10% reduction in employee health care premiums, a new 401(k) plan and 12 weeks of paid parental leave, among other enhancements.

"Our people’s response to the pandemic showed their power, and as we move forward, we will continue to invest in their ability to drive our business forward," Knopp added in the LinkedIn post.

Read the full announcement on LinkedIn here.

Tannen Maury/Bloomberg