Co-op Group boss asks for 60% pay cut because his job has become easier
4 replies, posted
[url]http://www.bbc.co.uk/news/business-35984355[/url]
[quote]The head of the Co-op Group has asked for a 60% cut to his total pay package because the job has become easier.
His base salary will fall from £1,250,000 to £750,000, and he will also see cuts in incentive payments.
Chief executive Richard Pennycook says the business is now back "in calmer waters" and the reduction reflects the revised demands of the current job.
He said the pay cut was "by no means the main news", which was the Co-op's recovery.
For that, he credited his 70,000 colleagues' "dedication".[/quote]
He's going to be destitute now, poor guy
Isn't it a 40% paycut? Not 60%?
He's gonna be on 60% of what he had.
If he took a 60% cut he'd be on 500k, not 750.
[QUOTE=Chains!;50088492]Isn't it a 40% paycut? Not 60%?
He's gonna be on 60% of what he had.
If he took a 60% cut he'd be on 500k, not 750.[/QUOTE]
Maybe it does not include his incentive payments or bonuses.
Maybe use the cut amount as a pay rise to every employee by at least £1? I mean, there's still loads left over, aka £500,000 from his cut. That'd leave £430,000 after giving everyone an extra quid lol. Not accounting per-hour which would obviously take it down to £220,000 after a 4-hour shift from £500,000
[QUOTE=Kickin Balls;50088617]Maybe use the cut amount as a pay rise to every employee by at least £1? I mean, there's still loads left over, aka £500,000 from his cut. That'd leave £430,000 after giving everyone an extra quid lol. Not accounting per-hour which would obviously take it down to £220,000 after a 4-hour shift from £500,000[/QUOTE]
A raise of £1 a year is a bit of an insult if you ask me. There are far better ways to spend the extra money gained from this move.
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