Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Britain's BT commits to no job losses over coronavirus

Published 04/06/2020, 04:45 AM
Updated 04/06/2020, 05:40 AM
© Reuters. FILE PHOTO:  Company's logo is displayed at British Telecom (BT) headquarters in London

LONDON (Reuters) - The head of Britain's biggest telecoms firm BT (L:BT) said he would donate his salary to health workers for at least six months and award a pay rise to his frontline staff who are maintaining broadband networks during the coronavirus shutdown.

Philip Jansen, one of Britain's richest executives from his time overseeing the flotation of payments processor Worldpay, also said the company committed to no job losses related to the health crisis for at least three months.

A previous commitment to make an award of 500 million pounds ($615 million) worth of shares to all employees will also go ahead.

"This is an unprecedented situation and I want to give our people some certainty about the months ahead," he said. "This period requires sacrifices from us all, and I want our people to know we are all in this together," he said.

Jansen tested positive for COVID-19 in early March, forcing him to work remotely from home.

Providing the country's biggest broadband, phone line and mobile network, BT is battling to maintain connectivity as millions of people work from home.

In recent days it has also had to contend with arson attacks and the abuse of some staff from people who believe that 5G masts play a role in spreading the virus.

© Reuters. FILE PHOTO:  Company's logo is displayed at British Telecom (BT) headquarters in London

($1 = 0.8131 pounds)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.