6th Apr 2020 11:24
(Alliance News) - Waste management business Biffa PLC said Monday it has taken several remuneration related measures to mitigate the impact of the Covid-19, including a 20% salary reduction for the board of directors and executive team.
The group has started the process of furloughing staff under the UK government's Coronavirus Job Retention Scheme, which will be rolled out over the next few weeks.
Biffa's leadership group, which represents 85 people, will also take a 10% reduction in salary. The salary reductions will last for the same period that the group takes part in the CJRS.
In addition, all pay increases have been suspended until further notice, and the annual bonus scheme for its 2021 financial year has also been suspended and will be reintroduced when appropriate.
Shares in Biffa were up 1.6% at 172.67 pence on Monday in London.
By Dayo Laniyan; [email protected]
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