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TSSA Bids to De-Rail £11m Gravy Train

1 July 2013

A bid was launched today by the TSSA rail union to halt a new double bonus scheme for top bosses at Network Rail which could see their total earnings increase to over £11 million by 2015.

Union general secretary Manuel Cortes wrote to public members, who act as shareholders at the state funded firm, urging them to reject a new long term bonus scheme which could pay 100% of basic salary in 2015 on top of an existing annual bonus scheme of up to 60%.

 

The rail regulator has told the members that the combined bonus scheme could pay out £5.8 million by 2015 for five executives on top of their annual salary bill of £2 million a year.

 

Chief Executive Sir David Higgins would be the biggest gainer from the new scheme, earning over £2.5 million by 2015 if he met all performance targets.

 

Mr Cortes called the new scheme "divisive and unfair" as it only applied to the top bosses. He called for them to be rejected by the members at their AGM on July 18 and replaced by a "fair shares" scheme which benefits all the staff.

 

"Sir David is in charge of an effective public monopoly and these proposals would mean he could possibly be earning ten times more a year than the Prime Minister in 2015.

 

"There is simply no excuse for taxpayer funded rewards on this scale."

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