Bonuses at the virtually nationalised Royal Bank of Scotland are to be reduced to what is claimed to be the ‘legal minimum’. The bonus bill this year will be £340 million, down from £2.5 billion last year, and all paid in shares rather than cash.
Of the £340 million, £175 million is meet “contractual obligations”. Though quite how this can be justified when they’re lucky to have a job at all is beyond me.
And the other £165 million is to be paid out of a profit share scheme to front line staff. Excuse me, profit share scheme? What profit is this exactly? RBS had to be rescued by the governemnt with our money. They have no profit, just a loss. So how can they be paying out from a profit share scheme for a non-existant profit? It doesn’t matter that it is for front line staff, it’s still our money they’re giving away to peole who should be glad just to have a job.
This is not the ‘legal minimum’ bonus they have paid out. The legal minimum would be £0, not £340 million of our money.