Vodafone Freezes Salaries, Bonuses, Fires People
Although Vodafone is getting ready to post £12 billion profits for 2008, things aren’t going so well for the UK-based carrier. Turns out that the company is planning on freezing al rises and bonuses for the entire UK Staff, in the attempt to cut costs with £1 billion.
The news comes barely one month after Vodafone announced it’ll be firing 500 employees from the UK main branch. Also, we learned that the company asked its car drivers to keep their vehicles for an extended period of time. In spite of all these cuts, Arun Sarin, former Vodafone CEO got a £2.3 million bonus in 2008, while Vittorio Colao, his successor cashed in £1.3 million in bonuses.
Also, each of the carrier’s non-executive directors got a £110.000 bonus and meanwhile the morale is pretty low among the UK staff, who felt they had a great year and work hard for the company’s success. What say you if we decrease the bonuses of the carrier’s bigshots and give the average working Joe a rise?