Top staff at Transport for London have declined bonuses for this year and the organisation has said that it has continued with its pay freeze for top staff for the second year running.
In its annual report TfL said that it was continuing to invest in transport infrastructure that was "essential for London and UK economy".
Senior staff at TfL have had their pay frozen for the second year running while the Commissioner of Transport, Peter Hendy, has turned down a bonus of £132,409. Bonuses were also declined by Chief Officers at TfL, while the number of TfL staff earning over £100,000 per year has also fallen.
TfL said that the decision to freeze pay and to refuse bonuses was "in recognition of the continuing difficult economic climate". In addition TfL said that its five billion pound cost reduction programme had involved "tough decisions" on jobs and fare prices and had led to the termination of projects.
Boris Johnson, Mayor of London and Chairman of Transport for London, said, "I am grateful to my top team at TfL for their self-restraint in these difficult economic times by deciding to waive their performance awards and freeze pay for a second consecutive year."