RBS / ABN AMRO Contractor Rate Cut

[uncle_albert]

Hello Folks,

Long time lurker and first time poster.

I can confirm this story:

http://news.hereisthecity.com/news/b...ews/7912.cntns

as I have just had a call from my agent saying that failure to agree to the rate cut by 12 June will mean notice will be served.

If we do agree to the rate cut, it will be effective from 12 July.

I've read a similar thread here about the 11% cut at ML, but I'd welcome further thoughts on this.

I'll re-read my contract tonight at home, but I'm wondering if the agency are able to do this so easily?

But, I'll take the hit on the chin as I know the market isn't great out there. I guess you have to take the rough with the smooth.

Cheers,
Uncle Albert

[ChimpMaster]

Looking on the bright side...

a) You still have a contract
b) You've not been asked (forced) to go permie
c) As soon as the market picks up get a better paying contract.

[DimPrawn]

If history is anything to go by, one rate cut is followed by another a few months down the line. Rinse and repeat.

[Advocate]

The article only mentions RBS...

[sasguru]

If history is anything to go by, one rate cut is followed by another a few months down the line. Rinse and repeat.

Followed by a another big cut in the total number of contractors vacancies as employers use the recession as an excuse for full-scale off-shoring.

[Troll]

Hello Folks,

Long time lurker and first time poster.

I can confirm this story:

http://news.hereisthecity.com/news/b...ews/7912.cntns

as I have just had a call from my agent saying that failure to agree to the rate cut by 12 June will mean notice will be served.

If we do agree to the rate cut, it will be effective from 12 July.

I've read a similar thread here about the 11% cut at ML, but I'd welcome further thoughts on this.

I'll re-read my contract tonight at home, but I'm wondering if the agency are able to do this so easily?

But, I'll take the hit on the chin as I know the market isn't great out there. I guess you have to take the rough with the smooth.

Cheers,
Uncle Albert

As one who was hit by similar at Lloyds TSB in 2003 there isn't a day goes by when I do not regret not walking out.
But my need for cash was far greater in 2003 than it is today - you have to weigh up your personal circumstances.

HTH

[DimPrawn]

Followed by a another big cut in the total number of contractors vacancies as employers use the recession as an excuse for full-scale off-shoring.

The first rate cut, 95% of contractors go along with it and the client thinks "see, we were right, we are paying well over market rates". This continues until most of the contractors have gone and rates are 50% of the peak.

Enjoy.

[Moscow Mule]

Just hang on (by your fingernails if required) until the next boom/banks realise off-shoring isn't all it's cracked up to be and you'll be quids in again.

Me, I've gone back to working for a software vendor again (pfffft wash my mouth out).

Pay is crap, but location and longevity are good. Was getting drunk in the pub on Friday and my mate (who also happens to be my client contact) even wants me back after my honeymoon (the whole of August).

[DimPrawn]

Was getting drunk in the pub on Friday and my mate (who also happens to be my client contact) even wants me back after my honeymoon (the whole of August).

If you've still got a thing for your mate you shouldn't have got married.

HTH

[BrilloPad]

http://forums.contractoruk.com/gener...actor-pay.html

try to keep up at the back.