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10th of August 2011
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News Tag: pay

June 21, 2011

Travel chaos looms as Virgin Atlantic pilots vote to strike

by Kay Mitchell
Holidaymakers look set to have their summer travel plans disrupted after it emerged today that Virgin Atlantic pilots have voted for industrial action – the first time in the airline’s 32-year history. According to the British Airline Pilots Association (Balpa) union, 97% of its members voted for strike action after pay talks with the company collapsed. Balpa said that ...

May 28, 2011

HSBC faces shareholder backlash over pay

by Kay Mitchell
HSBC, which is Europe’s largest bank, was the recipient of shareholder anger yesterday at its annual general meeting. Shareholders were disgruntled about the level of pay to executives and 20% of investors rejected the bank’s remuneration plan, which included new arrangements for paying board members after last year’s AGM. However, while 80% of shareholders supported the changes, the protest vote continues to reflect ...

March 18, 2011

RBS discloses pay details for 323 key staff

by Kay Mitchell
Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, has disclosed details of the amount of money it paid to its key staff in 2010. The bank said its 323 key staff were paid a total of £375 million last year - after already divulging its chief executive, Stephen Hester, received a pay package worth £7.7 million. However, ...

March 8, 2011

RBS chief exec in line for £7.7m pay package

by Kay Mitchell
The Royal Bank of Scotland (RBS) has today revealed its chief executive, Stephen Hester, will receive an extra shares bonus worth up to £4.5 million - taking his total pay package to £7.7 million for 2010. The bank, which is 83% owned by the taxpayer, also unveiled bonus payments for several of its other executives. Finance director, Bruce Van Saun, ...

December 14, 2010

BA cabin crew to be balloted next week

by Kay Mitchell
It has been confirmed by the Unite union that members of British Airways (BA) cabin crew will be balloted next week, raising fears for further strikes in the New Year. Cabin crew have been involved in a 22-month-old dispute with the airline over cost-cutting measures, which include a pay freeze, a switch to part-time working for thousands of staff, as ...

November 1, 2010

FTSE 100 bosses award themselves big bonuses

by Kay Mitchell
Research has revealed that the average FTSE 100 executive is earning 88 times that of the average full-time UK worker. The revelation comes despite the recession where companies have been forced to make major cutbacks. According to Incomes Data Services (IDS), in the year to June 2010, executives in FTSE 100 companies took home an average of £4.9 million in total earnings ...

October 25, 2010

Firefighters to strike on Nov 5

by Kay Mitchell
It has emerged this evening that thousands of London firefighters will strike on Bonfire Night in a dispute over new contracts, their union has announced. The strike, which will take place from 10am on November 5 to 9am on November 7, incorporates Bonfire Night - the fire service’s busiest period. The Fire Brigades Union (FBU) general secretary, Matt Wrack, said: "We do ...

October 8, 2010

City bankers to face even tougher regulations under EU proposals

by Kay Mitchell
Under new proposals being drawn up Europe's top regulators, there are set to be new restrictions on bankers’ bonuses - which are being described as the biggest clampdown ever seen in the banking industry. The proposals are much harsher than regulations in the US, and if introduced, will result in an overhaul of pay policies at financial institutions. The ...

August 17, 2010

BAA and Unite reach agreement to stop airport strike

by Kay Mitchell
Travellers can breathe a sigh of relief this morning after it has been announced that airports operator BAA and the Unite union have reached an agreement which will see the threat of strike action called off. A day of talks yesterday between the two parties at the central London offices of the conciliation service ACAS have been successful after ...

August 12, 2010

BAA staff vote in favour for strike action

by Kay Mitchell
Travel chaos is looming after airport operator, BAA, has voted in favour of strike action, the Unite union has announced today. BAA, which is majority owned by Spain’s Ferrovial, owns six airports: Heathrow, Stansted, Aberdeen, Edinburgh, Glasgow and Southampton. These airports would have to close on any strike days, as crucial staff including fire-fighters, security staff and ground staff at airports, ...

Travel chaos looming as BAA votes for strike action

by Kay Mitchell
Holidaymakers could be facing further travel chaos after it emerged that airport operator, BAA, has voted for strike action. The results of the ballot are expected later today and Unite members who include fire-fighters, security staff and ground staff at airports, are in a dispute over pay. BAA, which is majority owned by Spain’s Ferrovial, owns six airports: Heathrow, Stansted, ...

July 7, 2010

European Parliament approves cap on bankers’ bonuses

by Kay Mitchell
European Parliament approves cap on bankers’ bonuses
From January next year, restrictions on bankers’ bonuses will take effect, the European Parliament has announced today. Under the deal agreed by the EU members last month, cash bonuses will be capped at 30% of the total bonus. 60% of bonuses should be variable and for future payment only, with at least 40% having to be deferred for three years and ...

March 8, 2010

48-hour strike starts today for civil servants

by Kay Mitchell
Up to 270,000 civil servants are to stage a 48-hour national strike today in a dispute over redundancy pay. The walkout involves job centre staff, tax workers, coastguards, border agency officials, courts staff and driving test examiners. If a satisfactory outcome is not reached then further strike action could take place later this month, according to the Public and Commercial Services ...

January 25, 2010

Goldman Sachs London employees capping pay

by Kay Mitchell
Around 100 senior employees at Goldman Sachs in London are capping their 2009 pay and bonuses at £1 million each. The move comes as part of the Chancellor’s super tax, which was introduced to claw back some of the bailout funds used to rescue the banking industry. According to the BBC, the tax represents a considerable sacrifice of several hundred million pounds. Last ...

January 11, 2010

One million use credit cards pay mortgage or rent

by Gill Montia
New research from Shelter suggests that in the past year, up to one million UK households have used credit cards to pay the mortgage or rent. According to the housing charity, the findings present a disturbing picture of up to a million people taking "desperate measures" to keep the roofs over their heads. The highest proportion of those afflicted ...

November 26, 2009

Banks will be forced to disclose £1m+ earners

by Kay Mitchell
A set of tough pay regulations are to be introduced which will see UK banks forced to publish the number of employees earning more than £1 million per year. The Walker Review, published by Sir David Walker, is also proposing to provide the Financial Services Authority (FSA) the authority to curb any pay deals in the banking sector that it ...

November 16, 2009

Half of UK employers proposing to freeze pay

by Kay Mitchell
A survey by the Confederation of British Industry (CBI) and recruitment consultancy Harvey Nash, has discovered that more than half (55%) of British companies are proposing to freeze pay for the second consecutive year. Furthermore, the survey found that just over one third are planning a modest increase, while just 4% were looking to increase pay by more than the ...

October 6, 2009

British Airways to axe 1,700 cabin crew jobs and freeze pay

by Kay Mitchell
There is more turmoil for the airline industry today after British Airways (BA) continues to slash costs by wielding the axe on 1,700 cabin crew members and a two-year pay freeze. The airline admitted during the summer it was fighting to survive and has since been looking at ways to cut costs. BA, like many others, is struggling ...

September 15, 2009

Survey finds executive pay up 10%

by Kay Mitchell
Despite major losses among FTSE 100 companies, directors at these companies saw their basic salaries soar 10% last year. In the midst of the worst global recession in decades, these companies lost nearly a third of their value but their salary continued to rise. The Guardian's annual survey of boardroom pay discovered that full-and part-time directors of the FTSE 100 shared more than ...

September 7, 2009

New measures to be introduced to tackle ‘shocking’ gender pay gap

by Kay Mitchell
A survey has found that women in the UK’s financial sector receive around 80% less pay than their male counterparts. The Equality and Human Rights Commission (EHRC) established that, on average, women earn £2,875 in performance related pay, compared to £14,554 for men. Published today, the Commission’s Finance Sector Inquiry, is the first time this type of data ...

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