Contractors experiencing wage reductions at major banks
Barclays are the latest bank to announce that contractors is going to be going through a cut in their current working rates, after equivalent actions were released by the Royal Bank of Scotland and Lloyds in latest weeks.
Contractors doing work for an investment division of Barclays have apparently learned that they have to agree to the terms of a new deal which will see their rates cut by 10%, and if they decide not to their contract is going to be over from 2 December. They will also have to take a 10 day holiday before the end of December but this could range from the Christmas holidays.
Related conditions are also positioned on contractors doing work for RBS, all of whom happen to be told to take 19 – 30 December off as a holiday, while contractors at Lloyds are dealing with cuts of between 10 – 15% on their day rates and a 10% cut on renewed contractors for extended term workers.
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All contractors working for Pulse Umbrella also receive a number of other benefits including holidays, sick leave, maternity/paternity pay, a pension scheme and childcare vouchers, making certain contractors to get the most out of their life without having to worry about any issues with the taxman. Visit www.pulseumbrella.com for more information information regarding their services.