German bosses turn Scrooge

WHAT do you call the Grinch who stole Christmas? In Germany it is The Boss - because this year he is doing away with Yuletide bonuses. These are not the fat-cat payouts to brokers and industry heads but the bread-and-butter money that has for long been part of the German commercial scene.

'Weihnachtsgeld,' or Christmas money, is every bit as expected as plum pudding on an English festive table. It is also known as the 13th month as most payouts are equivalent to an extra four weeks' salary.

But hard times are bringing a harsh message - your money or your job. Thousands of firms are cancelling the payments, or threatening to.

Deutsche BA said: 'We have 20% fewer passengers. We have to think about this.' Many firms already have. MAN Engineering is paying bonuses of between 25% and 55% of what would normally be expected while Hypovereinsbank is handing out 50%.

Mannesmann-Vodafone in Dusseldorf, scene of the titanic corporate struggle two years ago, has no payout planned for its 28,500 workforce. It is mainly smaller firms, hit by decreasing orders and shrinking exports, that are scrapping the payout.