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I've got no problem with Northern Rock paying its contact centre staff a 10% bonus, as long as (as the article implies) no senior bosses or management are getting a penny. The staff on the "shop floor" have probably been working their arses off this year, facing down irate customers, and as their basic pay is shit to begin with, they deserve their bonus.
It's the big fat cats on £2m a year at the top of failing organisations like this who should not only be sacked, but should actually be prosecuted, Enron-style, by the bank's new owners (us) for fraud, inasmuch as they were clearly taking huge salaries and bonuses under false pretences. I wouldn't necessarily jail any of them for being completely shit at what they claimed to be good at, but a good old-fashined criminal conviction will at least allow the courts to reclaim their assets to compensate the victims of their incompetence.
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"This is bringing the worst of the City bonus culture into a public body."
He also stressed that no executives or senior management would benefit.
The reward comes after staff met targets on repaying the bank's £26bn loan from the government.
But it isn't. It's an admirable move, and one that far more large corporations should emulate.
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Having worked for a Building Society for seven years and known people who've worked at other (including Northern Rock both before and after demutualisation), it's not a well paid industry. Most of the admin staff will start on minimum wage, and won't have much opportunity to earn more than an extra £1-2k a year. Most of them have toothless in-house Staff Associations rather than unions negotiating annual payrises.
The staff, especially those in the branches, will have had to put up with a lot of shit the last 12 months, and will have been worked off their feet, when the problems the NR first surfaced.
Also, we have no knowledge of what payrises the staff recieved last year, and what they could get next year. It could be that they got nothing this year, and this is instead of a rise next year - and in the long run, a 10% bonus is not as good as a 10% payrise.
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I thought Vince Cable was the man that was supposed to be the parliament expert on the economy? This statement is just bollocks.
"This is bringing the worst of the City bonus culture into a public body."
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