Fares up but not as much as bonuses!

04 January 2013

‘If they have any conscience, we’ll hear nothing about the need for cost cutting in our industry in the coming twelve-months,’ says ASLEF general secretary Mick Whelan.

And while overcrowding is the order of the day for passengers, company cars are in vogue for rail bosses. Tim O’Toole of First Group picks up £12,000 for his company car!

And that’s on top of a £846,000 basic salary, share awards next year of almost £1 million, a ‘loyalty bonus’ – for staying in the job for two whole years! – of shares worth £451,000, a £134,000 top-up instead of a pension contribution and ‘allowances’ worth £75,000 which include £15,555 worth of private medical insurance. Not to mention £47,000 tab for Mr O’Toole to receive advice on his tax affairs after moving to the UK!

Dean Finch of National Express, which runs the c2c franchise, will get a reward package of £2.65million, picking up 454,000 shares worth £953,000 in March. And that’s on top of a basic salary of £550,000, a cash-and-shares bonus of £687,000 and a cash top-up instead of pension contribution worth £192,000. Mr Finch’s ‘benefits’, worth £25,000, also include a company car.

Stagecoach chief Brian Souter trousered basic pay and bonuses worth £853,000 in 2012 and this year share awards from previous years’ bonus schemes will net him stock worth more than £910,000 in 2013.

David Brown, chief executive of Go-Ahead, took home a £906,000 pay-and-bonus package in 2012, as well as £116,000 of shares.

Serco chief executive Christopher Hyman has a pay-and-bonus deal worth £1.9million, while share windfalls payable this year are worth another £2million.

Arriva UK is owned by Germany’s Deutsche Bahn, whose boss Dr Rudiger Grube was paid £2million including bonuses and benefits in 2011, as well as a pension contribution worth £780,000.

'Even the Daily Mail is outraged by these figures,' says Mick Whelan. 'It must be the first time I've agreed with anything I've read in that particular paper!'

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