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Stop Bankers Evading EU Bonus Caps

Friday, February 14, 2014

GMB Calls On UK Government To Block Bankers Back-Door Bonuses Based On Ruse Of “Role Based Allowances”

EU introduced a bonus limit of two times salary on banks but it seems the British banks are leading the way when it comes to circumventing the rules to line their own pockets says GMB.

GMB, the union for public service workers, commented on reports that several major banks in the UK including one in public ownership are designing so called 'role based allowances' to get round EU caps on bonuses.

Brian Strutton, GMB National Secretary for Public Services, said "The gravy train of greed that led to the world economic collapse in 2008 seems to be continuing unchecked with this ruse of paying a so called “role based allowances” to evade legal limits

The EU introduced a bonus limit of two times salary on banks to try to stop the mis-selling, fiddling and bad lending that had brought the financial markets to their knees but it seems the British banks are leading the way when it comes to circumventing the rules to line their own pockets.

While ordinary hard working people are struggling to make ends meet the bankers are still acting as if nothing had happened. GMB calls on the UK Government and the Bank of England to step in and tell these bankers to get their snouts out of the trough and if they've got excess cash to invest it in the economy."

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Contact Brian Strutton 07860 606 137 or GMB press office 07974 252 823 or 07921 289880

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