Rate Cut Rumours...

[Xenophon]

... are flying around client site this afternoon. I'm at a beleaguered bank so it is hardly a great surprise. 10-15% rate cut is what I'm hearing.

Should this rumour turn out to be true and I am faced with the decision of working for less money vs. walking away, I have a question:

Has anyone seen rate cuts implemented mid-contract? I'm presuming it would have to be a termination and then a new contract issued.

I'll be thumbing through my contract when I'm back at Xeno Towers later to see what is in there in this regard.

[DaveB]

Not had it happen to me personally but from what I understand they will terminate all the current contracts per the stated notice period and offer new contracts at the new rate.

[BrilloPad]

... are flying around client site this afternoon. I'm at a beleaguered bank so it is hardly a great surprise. 10-15% rate cut is what I'm hearing.

Should this rumour turn out to be true and I am faced with the decision of working for less money vs. walking away, I have a question:

Has anyone seen rate cuts implemented mid-contract? I'm presuming it would have to be a termination and then a new contract issued.

I'll be thumbing through my contract when I'm back at Xeno Towers later to see what is in there in this regard.

I took 15% at end Nov before being terminated last week.

The said take 15% cut or get terminated : and only 48 hours to sign!

I really hope it doesn't happen.

[Mich the Tester]

They’ve tried it at this beleaguered bank, but quite a few people refused and I haven’t heard any more about it since December.

[chris79]

If it was me I would take the rate cut, then weigh up the hassle of finding a new gig, relocating, etc vs current rate. The market is fairly choppy right now, a rate cut is better than a full termination.

[MaryPoppins]

... are flying around client site this afternoon. I'm at a beleaguered bank so it is hardly a great surprise. 10-15% rate cut is what I'm hearing.

Should this rumour turn out to be true and I am faced with the decision of working for less money vs. walking away, I have a question:

Has anyone seen rate cuts implemented mid-contract? I'm presuming it would have to be a termination and then a new contract issued.

I'll be thumbing through my contract when I'm back at Xeno Towers later to see what is in there in this regard.

Same happened to us here today, and happened at previous contract with Barclays. They can pretty much do it - but they are meant to give you notice, allow you to accept or reject, then issue new contracts...

[Xenophon]

I took 15% at end Nov before being terminated last week.

The said take 15% cut or get terminated : and only 48 hours to sign!

I really hope it doesn't happen.

That sucks.



Whilst not official, the signs are not good.

My contract is through 'til November too. For all the difference that makes now.

Bah, etc...

[Swamp Thing]

[QUOTE=Xenophon;742966Has anyone seen rate cuts implemented mid-contract? I'm presuming it would have to be a termination and then a new contract issued.[/QUOTE]

To keep the paperwork down, the client will probably just issue a side letter/contract variation, saying something like " Rate is now £n per day, all other terms and conditions remain unchanged".

[Clippy]

... are flying around client site this afternoon. I'm at a beleaguered bank so it is hardly a great surprise. 10-15% rate cut is what I'm hearing.

Should this rumour turn out to be true and I am faced with the decision of working for less money vs. walking away, I have a question:

Has anyone seen rate cuts implemented mid-contract? I'm presuming it would have to be a termination and then a new contract issued.

I'll be thumbing through my contract when I'm back at Xeno Towers later to see what is in there in this regard.

Happened to me last month - 10% cut.

Existing contract terminated, new one issued on new rate.

Didn't make sense to walk bearing in mind the current state of the market - better the devil you know.

I'll take another look at how the market is faring come Spring as not much fun here at the moment.

[BolshieBastard]

... are flying around client site this afternoon. I'm at a beleaguered bank so it is hardly a great surprise. 10-15% rate cut is what I'm hearing.

Should this rumour turn out to be true and I am faced with the decision of working for less money vs. walking away, I have a question:

Has anyone seen rate cuts implemented mid-contract? I'm presuming it would have to be a termination and then a new contract issued.

I'll be thumbing through my contract when I'm back at Xeno Towers later to see what is in there in this regard.

Yep, happened to me at barclays in 2001. 20% cut take it or have contract terminated. Told them I'd negotiate at the end of a 13 week contract which would have finished in 7 weeks.

They wouldnt talk so walked.

TBH, with hindsight Id have stayed and took the hit as I wasnt able to get a contract for nearly a year after that because the market went tits up soon after.

The market is as bad or worse now imo so my advice is take the hit then, wait for the market to pick up, if it ever does, then walk.