|
20-Aug-08 11:30 [Pay and Reward]
Redundancy cuts at M&S raise job loss fears High-street retailer Marks & Spencer (M&S) is planning to cut redundancy benefits for 60,000 staff, with the possibility of up to 25 per cent being wiped from the maximum claim, it has emerged.
The Times revealed that an internal memo leaked to the newspaper found that the shop's bosses were planning on a cut of the maximum payout to those planning to leave the company, with the highest payment reduced from 70 weeks to 52.
It added that those aged above 41 may also only be entitled to three weeks of pay per year of working at the company, as opposed to the 3.75 available now.
Staff responded to the rumours in an open letter to bosses which said: "There is zero confidence that we will not be entering another round of redundancies and there is a strong suspicion that this is one of the reasons behind the proposal."
Retail Week noted this month that the new boss of Marks and Spencer food, John Dixon, had "visibly improved" the retailer's offers after five weeks in the job, with more brands and point-of-sale offers.
Please click here for more news on pay and reward
Although it is considered a project worth adopting by many countries, Australia's compulsory superannuation scheme is suffering in the face of the credit crunch, it has been stated.
Find out more>
Over a third of Britons believe they will be working during retirement in order to maintain the lifestyle they desire, according to recent research.
Find out more>
Conversion courses are currently attracting a host of new teaching candidates across the country as teachers seek a career change, it has been stated.
Find out more>
|
