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Network Rail bosses new £10m bonuses plan

Network Rail bosses have drawn up a new long term bonus plan which could earn them over £10 million in double bonuses over the next three years, the TSSA union revealed.

The scheme, to be approved at the taxpayer funded firm's agm next month, will pay out up to 100 per cent of annual salaries on top of an annual bonus of up to 60% up until 2015.

The biggest winner in the potential 160% double bonus bonanza would be chief executive Sir David Higgins who could see his basic salary of £577,000 leap to over £1.5 million a year if he meets all targets.

Calling on the firm's 40 public members to reject the new scheme when they meet in Cardiff on July 18, Manuel Cortes, union general secretary, said:

"It almost defies belief that these managers are planning to turn themselves into millionaires at our expense when they have failed to meet their own punctuality and safety targets over the past two years.

"They must be living on a different planet if they think they should reward themselves for failure on this scale. Have they not even heard of the age of austerity that their passengers have been living through over the past five years?

"Passengers are paying the highest fares in Europe and travelling on the most inefficient network in Europe as a result of fragmentation and privatisation.

"This latest train robbery is a direct slap in the face for them."

He will now be writing to all public members calling on them to vote no when NR put it to the vote next month. He will also write to Transport Secretary Patrick McLoughlin calling on him to oppose the scheme.

The union is campaigning for a parliamentary inquiry into NR's level crossing safety policies following a series of deaths attributed to serious management failings in recent years*.

"These people should be concentrating a running a safe and punctual railway," added the union leader.

"They shouldn't be sitting around a board room in London playing their own version of Who Wants To Be a Millionaire."

The five executives could earn annual and long terms bonuses of up to £9.8 million by 2015 before taking into account salary increases over the next three years. Three of them are also to share £900,000 in retention bonuses next year.

 

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