Latest Rail News

19.07.13

£2m performance bonuses agreed for Network Rail

Network Rail bosses will share £2m in extra bonuses if they hit new performance targets, it has been agreed at their annual general meeting.

The company missed train punctuality targets last year, but met targets for passenger satisfaction and financial efficiency. The new pay deal was backed by 86% of members, despite protests outside by unions.

TSSA general secretary Manuel Cortes said: “This is daylight robbery of the taxpayer. These executives are rewarding themselves for failure. Passengers will be furious having seen fares increase by 16% since 2010 and more big increases to come.”

But Network Rail chairman Richard Parry-Jones, who is not in line for a bonus, said: “Network Rail executives are rewarded only when exceptional performance exceeds tough targets, which have been approved by our members through an open and transparent process.

“If targets are not met, or safety comprised, no bonuses are made.”

A spokesman for the Office of Rail Regulation said: “Network Rail has a licence requiring it to have a remuneration and bonus scheme to ensure that it encourages high standards of performance.

“The company is responsible for delivering key UK infrastructure and large investment projects which are of huge value to rail users, taxpayers and the economy.

“It is vitally important that it is able to secure the right talent and leadership.”

The bonuses will be paid at the end of three years, and will be worth a maximum of a full years’ salary depending on performance.

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