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Cost-cutting frenzy continues

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Logica, the "global solutions company", is extending its Draconian cost-cutting spree still further with an announcement today - sent to all staff via internal email - that stamps are being banned.

Yep, from now on all staff will have to go via human resources to pick up their payslips because the company has decided that using stamps to send them to people's home addresses was an unnecessary expense.

"Following recent cost cutting measures it was decided by senior management that in hard cash terms a saving could be made by reverting to the internal distribution of payslips," the email reads.

This comes on the back of a memo a fortnight ago which cancelled Christmas for all Logica staff, ended pay reviews, stopped international phone calls, put a ban on non-essential travel (and forget about business class), and basically made running up expenses a treasonable offence.

Logica's chief exec, Martin Read, is the UK's highest paid director, earning a staggering £27.3 million last year. Mr Read needs only not pay himself for one day and the whole company could go on a stamp frenzy.

Logica still won't rule out job cuts despite announcing a 60 per cent rise in profits at the start of September. ®

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