Today's Labour News

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newsReuters reports that Barclays is planning to cut the £396,000 pension allowance it pays CEO Jes Staley by about half, echoing moves by rivals who have pledged to rein in executive pension perks following a campaign by investors.  

The British lender is apparently consulting shareholders on the proposal in a review of its remuneration policy to be voted on at the bank’s annual meeting in 2020.  The possible changes follow protests from investors and employee unions over the disparity between pension payouts offered to Britain’s top bank bosses and their staff.  HSBC and Royal Bank of Scotland have pledged to set pension contributions paid to their CEOs at 10% of base salary, matching those paid to their wider workforces.  Barclays is looking to boost pension contributions paid to employees from 10% to 12.5%, a source said.  Staley’s new cash payment would equate to about 17% of the £1.18m annual salary he was paid in 2018, suggesting Barclays is stopping short of full harmonization.  “It’s a start but these cuts do not really go far enough.  There’s no real reason why CEO pension payments shouldn’t be completely in line with other staff,” Peter Parry, of investor group ShareSoc said.  “There is always a worry that when companies rein in pay in one area, they compensate for it in another area.  The sad thing is that executive pay is now out of control,” he added.  Standard Chartered still plans to pay its top two executives double the pension benefits it pays to general staff.

  • Read the full original of the report in the above regard by Sinead Cruise at BusinessLive

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