undyingking (
undyingking) wrote2009-01-27 12:47 pm
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Bonus ball
There's been a lot of talk in the press lately about whether we should have got our bonuses, given the financial difficulty the bank's been in, and the part-nationalization. I think most of it is people not really knowing what they're talking about, to be frank.
I'm awarded that bonus based on my own performance, and actually I performed pretty well, thank you. I made the bank money consistently. It's not my fault if overall the business lost money, is it? Why should I have to suffer just because a bunch of extreme factors elsewhere in the world poisoned our assets? I earned every penny of that bonus, and no-one can say different.
In any case, to even call it a bonus is misleading. In reality it's an agreed part of my overall remuneration package, and of course it's a lot more significant than my basic is. How could anyone survive in London on their basic? It's just not do-able: you couldn't get anyone to work in the City at all if they weren't guaranteed a decent bonus. And the UK needs the City to be strong and to continue to employ the best and the brightest: that's obvious.
The other thing of course is that to recover the overall economy, we need people to be spending. If people like me had their package cut so severely, we wouldn't be able to spend the money that's going to keep other people in jobs. Service and consumer goods industries depend on there being some people around who can buy things from them. My bonus means I can buy more, therefore it's good for the economy. Simple!
I'm awarded that bonus based on my own performance, and actually I performed pretty well, thank you. I made the bank money consistently. It's not my fault if overall the business lost money, is it? Why should I have to suffer just because a bunch of extreme factors elsewhere in the world poisoned our assets? I earned every penny of that bonus, and no-one can say different.
In any case, to even call it a bonus is misleading. In reality it's an agreed part of my overall remuneration package, and of course it's a lot more significant than my basic is. How could anyone survive in London on their basic? It's just not do-able: you couldn't get anyone to work in the City at all if they weren't guaranteed a decent bonus. And the UK needs the City to be strong and to continue to employ the best and the brightest: that's obvious.
The other thing of course is that to recover the overall economy, we need people to be spending. If people like me had their package cut so severely, we wouldn't be able to spend the money that's going to keep other people in jobs. Service and consumer goods industries depend on there being some people around who can buy things from them. My bonus means I can buy more, therefore it's good for the economy. Simple!
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And the UK needs the City to be strong and to continue to employ the best and the brightest: that's obvious.
I'm not sure which bit I find funniest, the word "continue" or the word "obvious". I'd be fine with them employing the best and brightest, just as long as the best and brightest are not also blind, amoral, avaricious bastards nursing a gambling addiction, which frankly seems to have been too often the case!
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There is sadly little logic to the relationship between remuneration and productivity from industry to industry, even though I fear it's working in my favour at the moment.
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We don't get bonuses, we get basic civil service rates + an inflation based pay rise(no pay increase for the last 5 years). A lot of people I work with ARE trying to survive in London on a lot less than banking staff.
"And the UK needs the City to be strong and to continue to employ the best and the brightest: that's obvious."
Sorry, fell off chair laughing at this.
Nevertheless, I agree that you are entitled to your performance-related pay, assuming you are an "ordinary" bank employee and not someone who has been playing roulette with my money for the last 10 years.
My sister was formerly employed by Barclays (made redundant last year). She took all her PRP in shares , so that's all worth sweet FA. Similarly, my sister-in-law. My brother works for a company that supplies parts to Nissan - need I say more.
My mortgage has gone down, but my savings policies are now likely to be worth about 75% less than expected when taken out.
The trade unionist in me thinks you should get your money, the realist says that you are going to have to take a lot less than usual to satisfy the not-so-silent majority.
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(Anonymous) 2009-02-17 11:29 am (UTC)(link)It's a BONUS, not a right. Count yourself lucky you're not out on your arse like countless other people, who've lost their jobs primarily because of the utter incompetence of your bosses and people like them.
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(Anonymous) - 2009-02-17 11:43 (UTC) - Expand(no subject)
(Anonymous) - 2009-02-17 11:43 (UTC) - Expand(no subject)
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(Anonymous) - 2009-02-17 11:53 (UTC) - Expand(no subject)