Shell earns bumper profits, gives 8% bonus to staff

Shell earns bumper profits, gives 8% bonus to staff
The reason behind the bonus distribution is that it reported record profits due to soaring energy prices. This payout is a turnaround for Shell.

The oil company, Shell is handing nearly all of its 82,000 staff a bonus equivalent to 8% of their salary after it reported record profits amid soaring energy prices.

The British multinational is making the one-off payment to the vast majority of its employees around the world, only excluding those on its executive committee, executive vice-presidents, and contractors.

The company has told its staff that it was recognition of their contribution against a challenging backdrop.

The oil firm 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% 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 the award reflected its financial success and was “not a response” to the rising cost of living.

The FTSE 100 company revealed it had made record profits of nearly $11.5bn (£9.5bn) for the second quarter in a row on the back of soaring oil and gas prices, and strong refining profit margins, and promised to give shareholders payouts worth £6.5bn. 

It is a significant turnaround for a company that laid off thousands of workers, suspended bonuses, and capped salaries during the Covid-19 pandemic.

The world’s five biggest oil companies shared bumper profits of nearly $100bn in the first six months of this year. The company works together to power progress through more and cleaner energy solutions. It serves more than 30 million customers at almost 46,000 retail service stations every day.

Shell is an international energy company with expertise in the exploration, production, refining, and marketing of oil and natural gas, and the manufacturing and marketing of chemicals. The company uses advanced technologies and takes an innovative approach to help build a sustainable energy future.


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