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From The Socialist newspaper, 19 March 2009

2.5 bn profit, but BT still announces pay freeze

BT has joined the long list of companies announcing a pay freeze. In an e-mail to staff sent on 11 March they announced that due to the difficult financial situation it would not be appropriate to incur additional costs.

Despite high profile profit warnings, BT still made 2.5 billion in profit. In three of its four divisions it performed ahead of expectations. The problem was that its Global Services division performed much worse than the City was told it would. Management screw up and the workers are expected to pay!

It's very hard to believe that a company that hasn't made a loss since 1974 is broke. BT are merely using the economic crisis as a cover. If BT is that skint they won't mind opening the books. They are trying to be clever by saying that senior managers will also have their pay frozen but haven't ruled out paying some bonuses. If there is money available for bonuses, it should be shared equally amongst all staff not restricted to a few managers!

BT has generated an extra 635 million in revenue in the first nine months of the financial year. A significant pay increase for BT workers would only cost a small percentage of this.

The CWU have rejected the pay freeze and will be meeting next week to decide their response.

It's hard not to draw the conclusion that if the BT unions hadn't accepted BT's attacks on pensions without a fight, a pay freeze wouldn't have been proposed.

A BT worker

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In The Socialist 19 March 2009:

Fight tuition fees: fight for jobs: fight for a future!

Youth march for jobs


Unison witch-hunt

Stop the witch-hunt


International socialist news and analysis

Worldwide protests at killings of Tamils

Rosa Luxemburg - still relevant today

Ireland: Make the rich pay

Tibet: The 1959 uprising


Socialist Party campaigns

The miners were right!

End the 'benefits trap'

Liverpool University: Stop the cuts!

Tube strike ballot

Crisis in the legal aid system


Socialist Party congress

Socialist Party congress reports

Videos of Socialist Party Congress 2009

Perspectives for Britain and the world 2009


Socialist Party election campaign

The European elections and working-class representation

Lessons of the 2004 election

Campaign for a New Workers' Party

CNWP website


Socialist Party workplace news

Strike threat wins job back

Isle of Grain - Low-paying contractor exposed

2.5 bn profit, but BT still announces pay freeze

Rhyl: One-day teachers' strike

Rooftop protest wins apology from Royal Mail

Airwave Solutions: Striking against job cuts

Salford university


 

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Related links:

BT:

triangleBT pensions review - oppose the attacks on the pension schemes

triangleBosses' pensions robbery

triangleBT attack on pension benefits

triangleWorkplace news in brief

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triangleI'm now a 'manager' and I can barely manage!

triangleFighting sexism: Positive discrimination - yea or neigh?

CWU:

triangleRoyal Mail forced back under threat of action

triangleRoyal Mail bosses block strike - back postal workers

triangleUnite local government sector plans strike ballot

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