A unilateral 10% rate cut
eFinancialCareers reports that on 17 April, RBS told all its contractors globally across the group that it would be implementing a unilateral 10% rate cut and that they have a week’s notice period in order to decide whether to accept it, according to sources close to the situation.
This means that any contractors deciding against taking a pay cut will leave the organisation by Friday 25 April.
The 10% rate cut takes effect from 19 May for all contractors. Exemptions include anyone earning less than £250 a day and those supplied by consultancies. At the end of 2012 (the latest figures available), RBS employed 10,900 temporary staff.
An RBS spokesperson commented: 'We continually keep costs under review, in reaching this decision we have taken into consideration market day rates and those across the banking industry'.
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