Reply to: Forced To Take 10% Pay Cut In IB - Are My Human Rights Violated

[Scoobos]

OP - you're an aussie?

In Australia there is no notice required anymore is there? Bog off home and enjoy your employment laws :

http://www.fairwork.gov.au/resources...act-sheet.aspx

Dont forget to send me back some coopers though.

[aussielong]

We all got a 5% pay cut in the IB im at mid contract. Some argued, but it made no difference in the end.

I took the cut and renegotiated my contract so I can work from home. I'm doing less hours now , due to less interruptions.

[minestrone]

Which bank are you with?

I think he is with the Bank of Monopoly Board.

[DodgyAgent]

A serious question posted in general to try and get a wide range of perspectives

I work in a bank as a contractor - They applied a 10% cut across the board.

Has anyone seriously looked at whether they have broken any employment rules and whether people have any rights?

Also out of interest do you always need to be given notice if they want to fire you (ie paid for 4 weeks) if they want you to leave immediately?

You are allowed to put your rates up to the client so why shouldnt the client have the right to lower your rates? Just as you can take your skills elsewhere for more money so can the client get someone else to do your job for less. It is called free market capitalism

[BankingContractor]

Which bank are you with?

[Old Hack]

IBM tried this on in 2009. Said they wanted all contractors to take a 15% haircut. There were some Contractors who'd been there for years, one had been there for 13 years. Lots of the longer term contractors accepted it straight away, some negotiated it to 5-10% and about 10 of us told them to find someone else if they wanted much cheapness. The client I was managing was Public sector, so my argument was based around them showing me how their client has chopped 15% off their contract with them. My contract was renewed, but I found another role and fooked off. If you don't like your client, you have the right to say no to supplying them.

It's just a business manipulating a situation to improve its bottom line. Man up and do what you have to do: take the shafting, or move on.

Funny you guys call us whinging poms though.

[psychocandy]

Hang on just thought of how OPs human rights might be affected in this situation....

What if client tried to tell him that his rate was being cut, then when said contractor said '**** that' and then client tried to restrain said contractor as he attempted to pile out of the fire escape asap.

[minestrone]

"10% cuts across the board on contractors rates" are not as "across the board" as clientcos would have everyone believe.
It depends how useful they think you are.

Much of the time in IB it does not matter if you are good or not, exemptions to rate cuts and time limits are given but many managers don't like to ask for them as it puts them in a bad light.

We have a 1 year expiry date just now and no manager has the guts to be the first to get one of their contractors exempt. Of course the flood gates will open after the first goes in.

[d000hg]

No what I'm saying is that £700 per day in IB's is a v. good rate (not the best) in IT but what happens is that the IBs these days are enticing the best contractors with the higher end rates when they know for certain that those contractors will be taking a 10% cut in 2 months time so really the rate is £630 per day but they aren't going to tell the contractor that and the contractor ends up fed up when he takes the cut 2 months after joining (or leaves).

2 months on £700 a day and then leaving sounds OK to me

[Sysman]

So at the end of the month the agency paid you nothing for the month, and your client also paid nothing?

No I got paid in full. I simply told the clientco department manager what had happened and he sorted it out.

[eek]

He'd need 100000% rate increase to afford them.

HTH

spoil sport. I was hoping no one would point at the first flaw in my suggestion just yet. Thankfully the second flaw (the fact that its a limited company not a person that is getting a rate cut) has not been pointed out by anyone yet.

[KentPhilip]

Yup. An agency once offered me a 10% cut and I refused. They didn't tell clientco and clientco expected me at my desk on the first of the next month.

Result? Agency rang me on that day telling me I shouldn't be there, I wasn't insured* etc. and should leave immediately.

I told 'em where to go and wasn't particularly polite about it, and carried on at the old rate.

So at the end of the month the agency paid you nothing for the month, and your client also paid nothing?

[AtW]

Speak to Matrix Chambers from the matrix chambers (nowadays you can approach barristers directly) as they specialise in human rights. I'm sure she will happily take on your case and sue your employer on your behalf.

He'd need 100000% rate increase to afford them.

HTH

[Sysman]

"10% cuts across the board on contractors rates" are not as "across the board" as clientcos would have everyone believe.
It depends how useful they think you are.

Yup. An agency once offered me a 10% cut and I refused. They didn't tell clientco and clientco expected me at my desk on the first of the next month.

Result? Agency rang me on that day telling me I shouldn't be there, I wasn't insured* etc. and should leave immediately.

I told 'em where to go and wasn't particularly polite about it, and carried on at the old rate. What probably helped me was that I was in charge of implementing some very expensive software at the time.

* Insurance: This was in Switzerland where the agency covers you for accident insurance, and accident insurance is separate from normal medical insurance. Get ill and your medical insurance will cover the bills, slip and fall in icy weather and that's accident insurance.

Note to anyone contracting in Switzerland: if you decide to take some well earned rest or work on your Plan B in between contracts you should make sure you have accident insurance for that period.

[Sysman]

Proper gangsters (those who pay £700 daily) often have their own code and those of them that don't honour promises don't live long usually.

But don't proper gangsters pay cash?