09.02.1995

Performance-related profits

NATWEST, the high street bank, wins my vote for charitable institution of the year.

Under its complicated performance-related pay scheme almost 50% of the staff are being allowed to stay on at their old pay levels despite having contributed nothing to the company’s expected £1.5 billion profit.

Chief executive Martin Gray says the 83% rise in profitability during the first six months of last year was due to getting rid of ‘third world debt’. Not the efforts of his high street staff who are only the backbone of the business.

Management claims that about half the staff will get rises above the rate of inflation (ie, will not be getting a pay cut), but only a handful are to be offered the 9% top award.

Like so many employers of white collar workers, NatWest is viciously increasing the rate of exploitation. Demanding more work, more responsibility, more time on the job - without regard to reward or family life.

Fortunately for shareholders, no such threats are being levelled at them.

Capitalists would make us pay to work for them if they could. When competition gets fierce, employers become ruthless. The good news is: we do not need them.

Phil Kent