Virgin reveals 2009 bonus scheme
By Julian Clover
Virgin Media has given details of its 2009 bonus scheme that will see around half of its employees receive payments of between 5% and 100% of their base salary. A further multiplier of up to 1.35 times salary will be applied according to employees’ individual performance.
Although the company has lowered the amount payable under its company bonus scheme senior executives, such as CEO Neil Berkett, can expect to receive a bonus equivalent to up to 100% of their salary.
Berkett’s recorded salary for 2007 was $850,723, which was further enhanced by share options in the NASDAQ quoted company.
The executive bonuses will come as little compensation to the 2,000 staff members expected to lose their jobs over the next few months as Virgin looks to reduce its debt.