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Lloyds tells IT contractors to accept 15% pay cut or leave

Discussion in 'News' started by craigie, Jun 26, 2009.

  1. craigie

    craigie Terabyte Poster


    Lloyds tells IT contractors to accept 15% pay cut or leave

    An email sent to IT contractors by Lloyds Banking Group this month has revealed that their pay is being cut by 15%.

    The bank has told contractors to accept the offer or leave.

    The email, which has been leaked to Computer Weekly, was sent on 19 June and contractors were given until 20 July to accept the changes to pay.

    One recipient of the letter said, "all attempts to negotiate around the imposition of the cut were met with: 'take it or leave the bank on notice'."

    Lloyds told Computer Weekly that it is bringing the rates in line with the overall market.

    In the email to contractors the bank blamed the "unprecedented volatility and extreme market conditions" in the UK economy for the cuts. "This adjustment is not a reflection of the perceived quality or value of your contributions to date, but is a response to current market events and Lloyds' focus on cost management," it said.

    Full Story: here
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    1. dmarsh
      I got given a similar ultimatum recently, chose not to take a cut, still got renewed. Now my contract is up for extension again, I've chosen not to renew.

      As always, It goes both ways.
    2. craigie
      A few of my friends have been asked to take 'Unpaid Holiday'. It works by them taking a week off, the company then pays them one day less per month for the next five months.

      They have chosen to do this, to save any redundancies.
    3. dales
      I assume that this is after all the management tiers have accepted a pay cut too :grin Still I suppose they are contractors and not totally on the payroll (at least they have not got a bmw situation yet).
    4. Sco0t
      I work for Lloyds :| not as a contractor but.
    5. craigie
      What do you do for them?
    6. Sco0t
      Quality Assurance. But about to move job roles shortly :biggrin

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