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

moggylover

Kez100 wrote: »

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.

I don't see this has anything at all to do with Nationalisation. Bonuses are part of the way people in that industry are paid - these bonuses are in line with that.

Were they being paid to the fat cat dealers who got the banks into the mess then I would be all for making the bonus a bullet - but these are the ordinary joes who just went to work and did their job and who have been as let down as all the rest of us as you say: if they have achieved their targets - then there is nothing wrong with them getting their bonuses.

chewmylegoff

chopperharris wrote: »

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.

i) yes, other civil servants do get bonuses, although it varies from department to department. i have, in the past, been the recipient of one.

ii) whilst NR is nationalised in that the govt owns it, it is not civil service. the wages of NR staff are not funded by taxation.

JasonLVC

will-in-estoril wrote: »

The ordinary folk at NR deserve every penny, having shown great professionalism, in stark contrast to the shower of ex-board members and directors, who bankrupted the company.

What of the 2,500+ low level staff who were made redundant on the very basic of redundancies packages last year when NR first hit serious trouble? If they've got money to spend on bonuses to the lower ranks, why sack half of them?.

I understand the bonus is being paid for NR repaying the government loan (or at least part of it) on time but I still think lessons have not been learnt at all and it will simply encourage other banks to now follow suit whilst those same banks draw in loans from other impoverished businesses trying to surviv.

Bonus' ultimately come from the businesses profits/turnover, if the business is making a loss then it remain difficult to justify any such bonus, but seing as Brown agreed to this bonus then there's little anyone can do about it,.

Thrugelmir

JasonLVC wrote: »

What of the 2,500+ low level staff who were made redundant on the very basic of redundancies packages last year when NR first hit serious trouble? If they've got money to spend on bonuses to the lower ranks, why sack half of them?.

I understand the bonus is being paid for NR repaying the government loan (or at least part of it) on time but I still think lessons have not been learnt at all and it will simply encourage other banks to now follow suit whilst those same banks draw in loans from other impoverished businesses trying to surviv.

Bonus' ultimately come from the businesses profits/turnover, if the business is making a loss then it remain difficult to justify any such bonus, but seing as Brown agreed to this bonus then there's little anyone can do about it,.

The bonuses are due to the fact that targets to repay the Governments loans have been exceeded. As we the money lent is in fact ours, the taxpayers. In effect saving us money as well.