Corus, Anger at Corus boss's 130pc pay rise

Manufacturing News, Source : British Industry
Published : 05 Apr 2002 13:41
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Union leaders have are outraged after the chairman of Corus was given a wage rise of more than 100 per cent.

Sir Brian Moffat was paid £558,846 in basic pay and fees last year compared with £302,818 for the previous 15 months.

The rise follows thousands of job cuts last year and sweeping pay freezes. Chief executive Tony Pedder saw his pay rise to £410,000 last year compared to £423,512 for the previous 15 months.

Eddie Lynch, assistant general secretary of the main steelworkers' union, the ISTC, called the increases "completely outrageous and unjustifiable".

He said: "It is absolutely disgusting that at a time when our members were being thrown on to the streets, the executives had their noses in the troughs. We thought we had seen the last of the fat cats, but Sir Brian has proved there are some still hanging on by their claws."

Union officials warned that the news would anger workers, who are yet to decide what action to take over the pay freeze.

 

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