Fury as Northern Rock's 4,000 workers to get £8.8million in bonuses

ILW

chewmylegoff wrote: »

personally my employment contract specifies that i will get a bonus as long as my performance is satisfactory.

Whats wrong with " I keep my job if my performance is satisfactory, I get the sack if it is not"

chewmylegoff

ILW wrote: »

Whats wrong with " I keep my job if my performance is satisfactory, I get the sack if it is not"

nothing wrong with that. but my job was offered to me on a certain basis, which written into my contract. i therefore expect to receive the bonus for satisfactory performance.

if my employer says i performed to a satisfactory level, but then refuses to pay a bonus, it hasn't paid me the base salary that i expect.

it would be the same as your employer only paying you 90% of your salary because you were only doing what it expected of you.

ILW

Why would any employer want to keep someone on if their performance was not satisfactory?

chewmylegoff

ILW wrote: »

Why would any employer want to keep someone on if their performance was not satisfactory?

they wouldnt.

i would still get sacked if i was rubbish.

Kez100

Thats 26bn taxpayers have had repaid. We need every penny we can get! Plus, as others say, 30% will come back in tax as well.

It is true what PN says about is this false success but someone approved the bonus scheme.

This is the problem with nationalisation. It gets in the way of proper business practices.

These bonuses are are not the multi million pound personal bonuses we were all so enraged about giving to executives. They are different - or appear to be.

piggeh

I don't see a problem with it - it's £8m back into the economy whereas it would otherwise have been sitting around in NR's coffers doing owt. A third back to the govt. in taxes and the rest flows into local economy.

chopperharris

First off its right , that is bonuses when you do things right.They cant exactly give them it in shares.

but where is the bonus to the tax payer for thier part , do other civil servants get any?And thats what nr is right now as long as its nationalised part of the civil service.

What about the share holders , you know them that effectively paid for shares that were then wiped out?I bet a load of those employees were on a share save scheme too....im not talking about institutional investors they bailed and cut losses first they can take the hurt.

What will they do with all that cash though , if the banks are dodgy looks like they will be paid in bulliion.They cant buy a new tv as all the shops are closing , and it would buy 1 day in summer in the cheapest place in europe the way the quid is in value to the pound.

hethmar

Does that mean they can spare the money to pay back the £5k of mine that disappeared?

Cleaver

hethmar wrote: »

Does that mean they can spare the money to pay back the £5k of mine that disappeared?

How did they lose 5k of your money?

Gorgeous_George

When performance related is part of the pay deal, the bonuses are funded by that pay deal.

For example, if the total pay bill was £100,000,000, the salaries would be £90M and £10M 'held back' for the bonuses (or is it boni?). Miss the targets and the bank keeps the money. Hit the targets and the money is paid.

Whether or not the targets were challenging or worthwhile is another matter.

GG