The sign of deflation: BT Group offers a year off for salary cut
By Alex Mai at 4 July, 2009, 11:26 pm
LONDON (MarketWatch) — U.K. telecommunications group BT Group is offering workers a year off in return for 75% drop in salary.
In an unusual cost savings move, BT Group is offering employees the opportunity to get their discounted salary upfront. They also are offering 1,000 pounds ($1,633) to switch to part-time.
The U.K. company lost 1.28 billion pounds in its fiscal fourth quarter and has already cut 15,000 jobs, with a plan to cut 15,000 more.
As the recession bites into corporate profits, companies increasingly are seeking new ways to cut costs.
British Airways successfully lobbied 800 employees into working a month for free.
Spain’s offered employees up to five years off in return for taking 30% of salary
http://www.marketwatch.com/story/bt-offers-a-year-off-for-salary-cut
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