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During the current pandemic crisis many companies within the Financial Services Industry (FSI) are struggling to balance the various countries’ COVID-19 relief measures with the very strict EU regulatory requirements that govern remuneration within the sector. An important question in this respect is whether application for COVID-19 relief implies that no, or lower variable remuneration may be paid, and if so, whether this only applies for Identified Staff or for all employees.

To assist FSI companies in addressing these and similar issues, the EMEA Employee Benefits group at Baker McKenzie have compiled the below guide, which contains the input of our specialists in France, Germany, Italy, the Netherlands, Spain and the United Kingdom on the most pressing questions we have been asked by our FSI clients world-wide.

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Agnès Charpenet is a Local partner in Baker McKenzie’s Tax Practice Group in Paris. She is the leader of the Employee Benefit Practice Group, and has been in charge of its Wealth Management tax activity in France since October 2015. In 2005, she spent six months working with Global Equity Services in the San Francisco office. Ms. Charpenet joined the Firm in December 1998.

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Jeremy Edwards is a partner at Baker & McKenzie´s London office.

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Agnes Herwig is an associate in Baker McKenzie's Frankfurt office. She joined Baker McKenzie in 2016. She is a member of the Firm's European and Global Employment & Compensation Group as well as the Global Immigration & Mobility Group.

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Don-Tobias Jol is a partner within the Amsterdam Tax practice with over 19 years of experience. He focuses on global compensation and benefits advisory, with particular emphasis on executive and equity-based compensation. Don-Tobias is a frequent author and speaker on a variety of international remuneration issues, and currently serves on the Board of Directors of the Global Equity Organization (GEO). He has been on international assignments to South Africa (in 2005 and 2006) and Saudi Arabia (in 2012 and 2013) to serve clients of his respective employers at the time. Don-Tobias is a member of Baker McKenzie’s Global Employment & Compensation Practice Group, and heads the Firm’s Dutch Compensation & Benefits advisory team.

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Andrea Mirabella is an associate in Baker Mckenzie Milan office.

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Gillian Murdoch is an associate in Baker McKenzie's London office. Gill qualified in the employee benefits team in 2014 after joining the firm as a trainee in 2012. Gill was named as a "Next Generation Lawyer" by Legal 500 in 2017.

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Geoffrey Poras is a Counsel at Baker McKenzie's Paris office.