HP Plans to Cut Pay for 300,000 Workers Worldwide

Feb 20 2009, 9:00am CST | by Shane McGlaun

HP has announced that it wants to cut the pay of about 300,000 workers across the world. The largest union in the UK called Unite is saying that it is astonished that HP would try to cut the pay of so many workers.

The reason for the astonishment is that HP is not in the red, the company is still turning a profit with a revenue growth of 1% compared to last year. Gross profits were reportedly GBP1.3bn. According to a Unite spokes man HP says any pay cuts in the UK will be with employee agreement.

Peter Skyte a spokesman for Unite said, "UK employees who have made a key contribution to the doubling of the HP services revenue and borne the brunt of redundancies in Europe will be astonished that a company that is increasing revenue and still making substantial profits is seeking a pay cut from its UK workforce. Whilst the basic pay of senior executives is being cut, they will more than make up any reduction in basic pay by increases in their executive bonuses brought about by reductions in everyone else's basic pay."

Via Unite

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Shane McGlaun
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