Benefits December 28, 2009
U.K. Employers Plan More Pay, Benefits Cuts in 2010
December 28, 2009 (PLANSPONSOR.com) – Some employees in the U.K. are
expected to see additional pay and benefits cuts in 2010.
Reported by Rebecca Moore
A monthly survey by the British Chambers of Commerce (BCC)
of 260 companies revealed that 63% of businesses are planning wage freezes or
pay cuts next year, according to a press release. In addition, 18% are
considering the removal of benefits, such as bonuses and gym membership.
Two-thirds (67%) of firms stated that they would operate
at the same or reduced capacity levels in the first quarter of 2010. The BCC
said this trend continues from November’s survey, when companies said a lack of
customer demand was the biggest obstacle over the next 12 months.