Ofcom freezes pay
Could be worse
Ofcom, UK regulator of all things communicative, has announced a pay freeze. But with inflation running into the negative according to some measures, things could be worse.
The Remuneration Committee apparently allowed for the current negative range of inflation when deciding on the freeze, which surely results in a real-terms pay rise for the 800 or so staff. But the Executive Committee will see less money this year - they have agreed to give up their bonuses in consideration of the economic situation.
Executive Members are entitled to a bonus of up to twenty five per cent of salary, and last year saw just shy of quarter of a million quid paid out.
This year none of that will happen, resulting in savings that will - according to an Ofcom statement - be returned to the taxpayer and stakeholder companies. ®