Snouts in the trough

BONUSES paid out to financial sector workers since the start of the 2007 crisis are likely to break through the £100 billion barrier this year, campaigners said today. The revised total from the Robin Hood Tax campaign comes as the big banks gear up to report their 2014 full-year results, triggering fresh bonus payouts and stoking public anger. Today’s report is based on analysis of Office for National Statistics data which shows that bonuses paid out in the financial sector – including insurers – since the start of the crisis in October 2007 have already reached £91bn. By the end of the 2014-15 financial year, this figure is likely to have surpassed the £100bn mark, the campaign noted.

Fact of the Day

Okay for some.

The chief executive of pubs group JD Wetherspoon has landed a near 30% hike in his pay and bonus package to £1.1 million.

John Hutson saw his total pay and shares swell through a £95,000 cash bonus, as well as £109,000 worth of shares under a long-term incentive scheme and a £358,000 share windfall in deferred payments from a 2005 plan.

The Golden Parachute

After five years as boss of Royal Bank of Scotland boss Stephen Hester has announced plans to step down. Hester will leave later this year and will receive 12 months' pay and benefits worth £1.6 million and the potential for a £4 million shares windfall from a long-term incentive scheme.

Bank staff union Unite’s national officer Dominic said “With over 30,000 job losses over the last five years and major stress for RBS staff there is likely to be a lot of anger over Stephen Hestor's tax-payer funded multi-million pound exit package.”

In the directors box

We are all accustomed to stories of over-paid and under-played footballers but recent figures show that SPL directors pay and benefits increased by 16.5%, despite a 6% fall in revenues.

Of course, the way Scottish football is heading, they might as well be funeral directors. 

Dunfermline now joins Hearts as another football club that can't pay its team's wages on time. Players at that level are not highly paid therefore any delay in wages can lead to inconvenience and even hardship. They pay travel costs to training and then put themselves at risk of injury on a weekly basis without being paid.

not watered down

Five bosses at publicly owned Scottish Water have shared in a one-off bonus pay-out of more than £450,000. Chief executive Richard Ackroyd was handed £78,900 as part of the deal, meaning he took home £420,000 in total last year. Finance chief Douglas Millican and asset management director Geoff Aitkenhead both got bonuses of £103,000 to top up their total pay of £230,000. Commercial director Chris Banks was paid £95,481 as part of the scheme, on top of his £217,000 salary, while customer service delivery director Peter Farrer, who was paid £211,000, got a bonus of £72,744.

"It's simply obscene for five directors of a public company to trouser half a million pounds between them in bonuses on top of an existing pay packet that's already two and a half times that. Public services are being closed down while workers face pay freezes and compulsory redundancies, yet this gilded elite make more in a month than most people make in a year." Green Party co-leader Patrick Harvie said.