Wednesday, 4 March 2009

Bonus replacement has started

Reports have reached this blog that, as predicted in a previous post, bonus replacement has started.

Branch-level staff at RBS are being given pay rises to offset the monthly bonuses they used to receive, which were based on their selling a certain quota of financial "products" - as banks like to call their services.

These staff are poorly paid, at least by white-collar standards, and some would actually be earning less than the minimum wage if their bonus hadn't been replaced with a pay rise.

So fair enough, I think.

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