Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Heardy if I have broken any posting rules my apologises, Balfour Beatty Board have followed Kiers example with their senior management also taking a 20% pay cut for 3 months.
Employees would find it easier if they asked us to reduce the hours by 15% but we are expected to work our contracted hours for an 85% salary that’s what people are struggling with.
I work for Construction as a site manager and I am classed as an essential worker, we have been told we have to work.
I work for Construction as a site manager and I am classed as an essential worker, we have been told we have to work.
In such circumstances, any business would need to take decisive action. We need to do so alongside, and in addition to, the strategic actions that we’ve been implementing over the past year.
As a result, we are today announcing that:
Salaries
For a period of three (3) months beginning on 1 April and ending on 30 June 2020:
• All employees within Grades S2 to M3 (inclusive), including the Executive Committee, will be asked to take a 20% reduction in their base salary;
• All employees within Grades M2 and M1 will be asked to take a 15% reduction in their base salary; and
• All employees within Grades C4 and C3 will be asked to take a 7.5% reduction in their base salary.
Certain employees in these grades may be asked to take greater reductions in their base salaries and/or a reduction in their working hours, depending on the level of work which is available.
Pension contributions will be calculated using the revised base salaries during this period. There will be no other change to employees’ benefits.
so not only are we as employees putting ourselves at risk by being told we have to work we now have to take pay cuts!!
Interesting post Mali5002, another poster “bonus engineer” said a very similar thing a couple of days back, guessing you two work for Kiers to be privy to that information and to go public with it?
Hiabneil,Of the two schemes run by Kier which are a sharesave scheme or a share incentive plan, there is no risk with your money in the sharesave scheme because the monies paid in are held by the Yorkshire building society in your name not kiers and you can at anytime get your money back and also dont have to buy the shares if the market price is lower than the price they were set at when you enrolled in the scheme.with regard to the second scheme "share incentive plan" because deductions are taken from your earnings before tax or national insurance to purchase shares and for every 2 you purchase Kier will give you 1 there is a risk that you wont get back the same as you have paid in.I totally understand your concerns but if your in the share save scheme your money is safe. Hope this helps.
thanks for the replies much appreciated
Could someone explain to me the difference between "selling all of your nil paid rights" and the" cashless take up". I have a provisional allotment letter as i hold shares as a kier employee but dont understand the difference. Thanks
KIER GROUP PLC £300m of new contract awards Kier Group plc ("Kier"), the leading property, residential, construction and services group, today announces the following contract updates within its Services and Construction divisions. Services Kier has secured two extensions to its existing Area 1 and 13 highways contracts with Highways England, worth up to £90m. These awards further secure Kier's position as one of the leading providers of management and maintenance services for Highways England's strategic network as well as a major provider to local authority highways networks, following the acquisition of Mouchel earlier this year. The extensions include: · A twenty-month extension up to June 2017 to the existing Managing Agent Contractor (MAC) contract for the Area 1 contract covering Devon and Cornwall. This network covers the A30 and A38 and includes the A38 Saltash Tunnel, which is the only two-way, three-lane tunnel in Highways England's road network; and · A seventeen-month extension up to March 2017 on the Area 13 contract covering Cumbria and North Lancashire. This contract covers 376 km of motorways and trunk roads across the region and provides the strategic road link with Scotland and the west coast.
Hopefully the Highways contract that has just been secured will see the sp make gains