No more bonus bonanzas

[QQ]Father Christmas is giving IT staff a miss this year with no repeat of 1997's end-of-year bonus bonanza, according to job market experts, writes Steven Mathieson.[QQ] Pay-outs have been hit by the completion of year 2000 projects and financial difficulties at investment banks, which generally pay out the biggest end-of-year rewards.[QQ] Bonuses worth 15% to 20% of salaries were common in the finance sector last December, with one employee at a Japanese bank receiving a 55% bonus.[QQ] Ian Knowlson, head of permanent posts at recruitment company QA Myriad, said: 'Last year, businesses felt they needed to pay bonuses to retain staff for year 2000 projects, but most now have that in hand.'[QQ] He said so-called 'silly bonuses' had dried up, except for workers with scarce skills, such as in SAP's software.[QQ] Max Mackin, Computer Futures' divisional manager for finance, said many banks had done badly this year, affecting end-of-year bonuses.[QQ] However, he said that a few staff will have a happy new year, with some finance houses awarding a bonus for successful support of the European single currency, to be launched on 1 January 1999.