Wednesday, August 03, 2022

By Anna Wise, PA Business Reporter

Shell employees will get a one-off 8 per cent bonus after the energy company reported record profits from massive energy price hikes.

Most staff at the oil giant – which employs around 82,000 people worldwide – will be eligible for the pay boost.

Just those at executive vice president level or higher will be excluded from the taxable payout.


Shell said the award reflects the company’s current financial success but has no link to the rising cost of living challenges.

A Shell spokesperson said: “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.

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

Shell said last week that its adjusted earnings hit nearly $11.5 billion (£9.5 billion) for the second quarter of the year in a record set of results.

It comes as gas prices have risen significantly across Europe following Russia’s invasion of Ukraine in March.

Gas and electricity bills could reach £3,615 for UK households next year as the cost of oil continues to inflate, consultancy Cornwall Insight warned on Tuesday.

Shell said it would return billions of dollars to its shareholders after posting its quarterly financial results last month.

The Scottish Greens political party commented that it was “obscene” that energy companies were making record profits while households are hit with costly bills.

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