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'We should stop using the word bonus'

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Labour leader Ed Miliband, who has called for a tax on bankers' bonuses, is to lead a House of Commons vote on the issue.

Peter Hahn, of the Cass Business School, says banking is an industry "in transition" but bonuses are still there and "substantial". We should stop using the word bonus, he believes, and instead think of "profit sharing" or "incentive payment".

John Cridland, director-general of the CBI, recognises that the connection between bonus and exceptional performance is "lost". Pay should link to performance, he adds, which must be reasserted. However, he disagrees with Peter Hahn over the use of the word bonus. We shouldn't change the name on the tin without changing what's in the tin, John Cridland asserts.


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