Wednesday, 5 December 2007

Northern Rock staff get bonuses

This Christmas, Northern Rock staff will receive a pay rise and hefty Christmas bonus. Staff will receive a £200 bonus plus a one-off payment of 2 percent of their salary. The generousity doesn't stop there - staff will also receive a 4 percent annual pay rise. Given that the bank is floating on £30 billion of public money, the decision has provoked a lot of angry comment .

I can't produce too much outrage about this story. The pay rise and bonus is restricted to clerical staff, who can hardly be blamed for the Northern Rock failure. The staff only helped an unsuspecting public with mortgage applications. Now that the ship is sinking, it is every man and woman for themselves. Therefore, it is hardly surprising that staff tried to squeeze out every last penny they can from a dying company.

So merry Christmas Northern Rock staff; make the most of your bonus and yourl pay rise because it is almost certainly the last with this particular company. Hopefully, you will find better and more secure jobs in the New Year.

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