FEWER bosses are footing the bill for their office Christmas party this year, according to a new report published today.

A survey of 158 firms showed that just 37 per cent paid for a festive meal or party, compared to 44 per cent last year.

Half of those questioned for the Institute of Management said their organisation did not hold a Christmas bash for their staff this year.

Almost eight out of 10 revealed their firms did not pay workers a Christmas bonus and most said they did not buy gifts for employees.

But six out of 10 managers made some contribution to staff parties, believing Christmas was an ideal time to reward workers and boost morale.