Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11%

Three Network Rail bosses, who already earn between £360,000 and £560,000, will receive £300,000 each in “golden handcuff” payments to keep them at the company.

E-mail-sign-up Donate

 

.

Three Network Rail bosses, who already earn salaries between £360,000 and £560,000, will receive £300,000 each in “golden handcuff” payments to keep them at the company.

TrainThe Evening Standard reports:

News of the bonuses sparked outcry today, three weeks after the company was condemned by the controlling Office of Rail Regulation (ORR) for having missed many punctuality targets last year.

Manuel Cortes, leader of the TSSA transport union, who leaked a Network Rail letter setting out the bonus payments, said:

“These people must be living on Planet Zog if they do not understand the public’s outrage over unjustified bonuses.”

In February, Sir David Higgins – who is expected to collect a £340,000 bonus – and five of his senior bosses, waived their bonus payments a-d decided to rethink a future remuneration scheme,  a decision that Ms Greening said was “sensible and welcome”.

Network Rail argues that it has made huge improvements to the national network and needs to protect its senior staff from being poached by rival engineering companies or other countries.

Shadow transport secretary Maria Eagle responded:

“Passengers facing annual fare rises of up to 11 per cent will be staggered that our rail industry could be so out of touch and doesn’t recognise how times have changed. This is yet another example of why the debate that has begun over the future of the rail industry is so necessary. Passengers expect Network Rail to be focussing on improving train punctuality not obsessing with their already sizeable pay packets.

It’s clear that the taxpayer funded Network Rail has learnt nothing from the public outcry the last time they attempted to get away with approving massive bonus payments to senior managers.”

 


See also:

Two decades on, Labour consider returning the railways to public ownership 2 Jul 2012


 

Only yesterday, Left Foot Forward reported the possibility of a future Labour government renationalising the railways:

Labour’s ongoing policy review will consider proposals, contained in a union-backed report published today, to return Britain’s railways to public ownership. Rebuilding Rail, produced by the think tank Transport for Quality of Life, outlines a comprehensive plan for renationalisation nearly twenty years after the Major government began to sell off elements of British Rail in 1993.

The privatisation of the railways has meant two decades of fiscal cataclysm, grotesquely inflated fares and repeated failures to deliver an adequate service.

If Labour are serious about adopting Rebuilding Rail’s proposals as policy, it’ll be a serious bid for millions of commuter votes nationwide.

News like today’s announcement of obscene bonuses for the already rich Network Rail fat cats makes the case for change stronger by the day.

 


Sign-up to our weekly email • Donate to Left Foot Forward

22 Responses to “Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11%”

  1. Jon Bradfield

    Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% – http://t.co/S4qSm0GF

  2. David Cox

    Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11%: http://t.co/jPU4y9L4 by @LFFKatie

  3. Pam Lynch

    Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% – http://t.co/S4qSm0GF

  4. Gerry Ramsden

    Left Foot Forward – Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/vgwwuvnl

  5. Pete Garrard

    Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11%: http://t.co/jPU4y9L4 by @LFFKatie

  6. John Ruddy

    To be fair(!) Network Rail neither sets the fares, nor does it receive them, so your headline and some of the thrust of your piece is misleading.

    The real question should be, did NR meet or exceed its targets, and how much of that was down to the skills of its managements.

  7. NoTo UKCoalition

    RT @leftfootfwd: Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/DItQO8Ey

  8. John McNeill

    RT @leftfootfwd: Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/DItQO8Ey

  9. IRejectFPTP

    RT @leftfootfwd: Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/DItQO8Ey

  10. Sefket Birdane

    Network Rail fat cats to trouser £1.7m in bonuses – as fares … http://t.co/KgJlTDuF

  11. Nick Ryder

    Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11%: http://t.co/jPU4y9L4 by @LFFKatie

  12. BevR

    RT @leftfootfwd: Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/iC3idTFU

  13. Dave Watson

    Network Rail fat cats to trouser £1.7m in bonuses. Lesson here that 'not for profit' doesn't mean no one profits http://t.co/34idZsly

  14. Tom King

    Network Rail fat cats to trouser £1.7m in bonuses. Lesson here that 'not for profit' doesn't mean no one profits http://t.co/34idZsly

  15. Unison - HealthPlym

    RT @leftfootfwd: Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/LBQGVf9s

  16. Mark Smithson

    RT @leftfootfwd: Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/iC3idTFU

  17. Alex Braithwaite

    RT @leftfootfwd: Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/5e3Ws93G

  18. Patricia Farrington

    RT @leftfootfwd: Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% http://t.co/5e3Ws93G

  19. Anonymous

    it’s part of this bonus culture high wages no longer count it’s the bonus people get, it’s more and more like the culture in America with bonus payments.

  20. Hywel B

    Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11%: http://t.co/jPU4y9L4 by @LFFKatie

  21. Labour’s biggest risk: renationalising the railways | Speaker's Chair

    […] passengers get treated like fools, the bosses of Network Rail reward themselves handsomely with bonuses of £1.7m, despite missing many punctuality targets last […]

  22. Rail investment irrelevant to those who can't afford rising fares | Left Foot Forward

    […] See also: • Network Rail fat cats to trouser £1.7m in bonuses – as fares skyrocket 11% 3 Jul […]

Leave a Reply