Anything is better than redundancy and rising unemployment. At least BT have tried to be inventive. Long term holidays, part-time working, and free time during the school holidays all seem reasonable ways to cut costs in company that has just posted a £1.3billion loss.
From today's Times.....
BT is asking its staff to take a 75% pay cut in return for long-term holidays to help the company ride-out the recession. British Telecom is offering workers the chance to take a year off if they accept a fraction of their salary as an upfront payment.
It is part of a raft of measures being introduced by BT to cut costs until the economy improves without having to resort to further redundancies. The former state telecom company, which employs more the 100,000 people, posted £1.3billion losses for the first quarter of this year.
Other options available to staff include a one-off payment of £1000 for going part-time and giving the parents the opportunity to work around their childrens' school holidays.