Says nothing about juicy share awards, as another major organizational reorg kicks off
BT’s CEO has voluntarily agreed to forgo any further salary increases until he retires from the telecoms giant, amid major cost cutting efforts across the organization.released today, Philip Jansen was paid £3.089 million for BT’s latest financial year ended 31 March 2023, this was down on the £3.35 million he was awarded in fiscal 2022.
Total fixed pay was £1.32 million, comprised of an unchanged base salary of £1.1 million, pension allowance that was flat year-on-year at £110,000 and benefit of £113,000, up from £100,000. Variable pay was down to £1.76 million from £2.04 million due to lower bonuses. Of the cap of further rises, BT says in the Annual Report:"Philip's salary was fixed for five years on appointment and therefore no increase will be made in FY24. Philip has also volunteered to waive any salary increases beyond FY24."
The rest of the workforce will be told about their salary increases nearer to September, as the annual pay review was bumped from April, as negotiated by the Communication Workers Union last year. That followed the first nationwide strikes at BT since 1987 over the pay increase given to staff in the spring of 2022, with the union asking for more to help offset the jumps in inflation. Tens of thousands of Openreach engineers downed tools from the summer until
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