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BT freeze pay for 100,000 staff due to economy

BT has frozen the pay of in excess of 100,000 of its employees, including senior executives stating the reason for the move is due to the “tough economic climate.”

This freeze on any pay rises follows the collapse in BT’s group profits and share price. BT has said “This has not been an easy decision, but, given the tough economic climate, it is important BT meets these challenging times head on.”

Although upwards of 100,000 staff fall under the freeze, BT has not yet decided if senior executives will lose their bonuses this year. Last year saw BT’s shares drop by more than 70% to 71.4p.

Source — Times