WORKERS may have to get used to the idea that their salaries might not rise this year, the Chamber of Commerce has warned.
Its president, Paul Luxon (pictured) , speaking after news broke that Deutsche Bank had become the latest company in the island to tell employees that it would not be giving pay rises this year, said he was not surprised firms were looking at the option of freezing pay.
‘At the moment in Guernsey we have seen companies having to adjust to overall volumes of business going down, but we have not seen the signs of recession as in the UK.
‘Pay freezes are something that an employer will have to consider. If it’s a case of freezing pay or losing jobs, then I think freezing pay is the better option.
‘The entire island is in this together.
‘It’s in all of our interests that we come through this, so both employers and employees will have to be understanding of the situation.’
Article posted on 25th February, 2009 - 11.30am
7 Article Comments
‘WORKERS may have to get used to the idea that their salaries might not rise this year, the Chamber of Commerce has warned.’ Look at the disconnect already between affordable housing and salaries. Hmmm… not impressed, this would never of been said by a local man with true local values. Who is this Paul Luxon? Bring back Al Ross I say, far too good to work for the RSPCB full time. Albert Ross would sort this out in one fail swoop!
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Wow Malcolm that’s a great comment to make.
Quick suggestion for you, log out of the Guernsey Press site and log onto to BBC news business, you might note the 30 odd percent fall in the stock exchange last year, the 46% drop in output from Japan, the ongoing concerns that RBS and Lloyds may still end up nationalised, the massive increases in unemployment, the short working weeks and production breaks at many car manufacturing plants etc etc. All of which believe it or not have an impact on our Island’s economy.
Be thankful if you manage to hold onto your job rather than having a go at someone who is trying to make you wake up and see the situation we are all really in.
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Mr Luxon came across as rational, pragmatic and balanced; as did Radio Guernsey’s vox-pop. I do wonder if only the extreme views lurk on bulletin boards like this.
Before anyone asks, the answer is ‘no’, I’m not married to Paul Luxon!
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Chris – firstly. As a non-local who came to the island with finance long before you were born I don’t now work I don’t need too due to substantial wealth built up from many large bonuses / payouts over the years. Secondly, I don’t see the unemployed on this island just the uneducated!
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I’m very happy for you Malcolm, although I fear you may not have long to live given just how old I am – or perhaps your esp is failing you on this one?
As to the actual article at hand I still fail to see why you feel the chamber of commerce should be blindly pushing for further pay rises (that will see the island becoming even less competitive) to help balance the costs of housing rather than perhaps look to say tax the extremly wealthy ex bankers sat on the island so that they can fund some more housing schemes that way?
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Thank you for you good wishes Chris. Who could possibly argue that less competition would be good for such a small island in the niddle of nowhere? A far wiser man than us once said ‘know your limitations’. I think we are batting way out of our league on this one – maybe we should head back the pavillion! As for the ex bankers, I don’t think property on this island is a worthwhile / good option / investment right now for us living the good life.
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In the current economic climate I will be happy to keep my job.
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