NORTHERN Rock staff are set to receive ten per cent annual bonuses this Friday after the bank achieved its target of repaying a quarter of its £26bn Government loan.
About £8.8m is to be paid in bonuses to the nationalised lender's 4,000 staff, as a means of rewarding them for helping to achieve repayment targets.
Staff at the Newcastle bank are also in line to receive a further ten per cent of their salaries when Northern Rock repays 75 per cent of the loan, and another 25 per cent when it completes payments. Currently, the lender has repaid about half of the loan.
For more on this story and for reaction, read The Northern Echo tomorrow
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel