JLR ask workers to delay salary payments to ease cashflow
BBC Business News reports that workers at Jaguar Land Rover have been asked to have their salaries delayed to help the firm’s cashflow.
The carmaker wants to push payments from the usual pay day on the fifteenth of the month, to the end of the month, the Works Management publication said.
Staff who accepted the revised salary date will get a one-off £200 payment.
Last week the firm’s owner, Tata Motors warned it may have to cut more jobs after the carmaker reported a £280m 10-month loss.
A Jaguar Land Rover spokesman said that the organisation needed to “realign its pay structure”.
Works Management, a manufacturing sector publication, reported that the firm had recently negotiated extended payment terms with its suppliers – moving them from 45-day to 60-day terms.
However the 15-day extension means that supplier payments clash with salaries – prompting the change. Full story…
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