Top firm IT contractors said to face pay cut

A stark choice.

IT contractors at Bank of America Merrill Lynch face being laid-off unless they agree to do the same work for much less money.

ContractorUK reports that those who wish to keep their contracts at the bank must cut their rate by 10% from October 5 in addition to taking two weeks off by November 6.

Once these compulsory furloughs are added to the reduction on a typical six-month contract, it equates to a real-term pay cut of almost 20%, one affected contractor told ContractorUK.

That makes Bank of America Merrill Lynch (BoAML) the biggest IT contractor rate-cutter so far this year.

Despite this, when confirming the pay pinch yesterday, a BoAML spokesman is aid to have pointed out that affected IT contractors “were able to use their discretion to manage certain aspects of the adjustments.”

To access the complete ContractorUK article hit the link below:

Bank of America Merrill Lynch cuts IT pay rates

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