IT contractors offered pay cut or job loss

Wed 6 Aug 2008 at 2:59 PM

IT contractors in the City of London have been asked to accept a pay cut or face redundancy, it has been reported.

According to industry site Contract Eye, Barclays is the latest in a list of employers to ask its tech specialists to take less pay for their services.

It said contractors who fail to accept the reduced pay offer could be out of work by the end of this month - since June "many more City banks have implemented similar policies", it claimed.

According to tech site, The Register, the policy is being extended to include the lenders' global retail and commercial banking divisions.

"We found we were paying over the market rate," Barclay's told the site. "This ten per cent cut will bring us more in line with the rest of the industry. There are no implications for permanent staff."

IT contractors are vital to a modern economy, they can be called to work in a bank in London or to support call centre jobs in Cardiff.


Search for call centre jobs in Cardiff