Housebuilder latest to cut executive salaries during the lockdown
The management of housebuilder Bellway has agreed to take a 20% voluntary pay cut during the coronavirus outbreak, with the proceeds being donated to Cancer Research.
The firm said in an update to the City this morning that the board of directors had agreed to a voluntary 20% reduction in basic salary and fees from 1 April until 31 May.
The cut in salary comes after a number of listed rivals have taken similar decisions, with Persimmon announcing at the start of the month that both executive and non-executive directors will take a 20% pay cut from April 1 for as long as the lockdown lasts.
However, a number of firms have taken much more significant action, with Taylor Wimpey directors taking a 30% pay cut, cancelling an annual salary increase and foregoing all bonuses for the 2020 year.
The pay cuts are happening in the context of much of the work of housebuilders having halted due to the lockdown, with the majority of staff in many cases furloughed.