P & O Ferries

still haven't heard how the ~£150M pension fund shortfall is being addressed, even if they pay off workers for (breaking the law) lack of consultancy etc.

the comedy committee hearing yesterday - the MP's there would be better employed as stand-ups.
 
jpaul said:
still haven't heard how the ~£150M pension fund shortfall is being addressed, even if they pay off workers for (breaking the law) lack of consultancy etc.

the comedy committee hearing yesterday - the MP's there would be better employed as stand-ups.
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Loads of pension funds are in deficit. The problem is that they haven't historically charged enough for the final salary type schemes they have.

I would have thought any plan to bring the entire fund back even, would require current members and employers to pay into it. P&O continue to be a member of the fund surely, they haven't gone bankrupt.

Not sure you can ask them to plug the shortfall without asking all other members as well.
 
A point raised on QT which I agree with, the salary savings are a drop on the ocean, on their own they dont change the outlook of the company, so the question is where else are they cutting back, does it affect safety and quality of the service they offer.
 
chrcoluk said:
A point raised on QT which I agree with, the salary savings are a drop on the ocean, on their own they dont change the outlook of the company, so the question is where else are they cutting back, does it affect safety and quality of the service they offer.
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Well they don't seem to think the rules apply to them so I wouldn't feel too confident. Really if they are in this much trouble I can't see just sacking 800 workers saving them now.
 
robfosters said:
If they couldn’t get out of this financial hole and chucked the rowel in, could it be nationalised?
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By who? France or the U.K.? This isn’t just a U.K. issue and I wonder what the commentary has been in France?

You’d argue that the link is more important for the U.K. but it’s also pretty important for the local French economy too. Calis, like Dover, only really exist as they do because of the ports.
 
robfosters said:
If they couldn’t get out of this financial hole and chucked the rowel in, could it be nationalised?
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I wouldn't know where to start with this due to all the complications with ownership.
The company are owned by an overseas company. None of the vessels are UK flagged/owned as I think they all have mortgages.
If they were nationalised, safety certificates being issued by the govt would effectively be a conflict of interest.
 
I heard on LBC this morning that the IoD are reviewing whether the CEO is fit to hold a directorship. Here's hoping!
 
Nasher said:
Shocker as P&O finds out you can't get a crew with the required qualifications for peanuts. And as soon as they do train them they will be off looking for better wages, because they can get them.
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Putting the Orient back into the Peninsular and Orient Steamship Company.
 
Nasher said:
Shocker as P&O finds out you can't get a crew with the required qualifications for peanuts. And as soon as they do train them they will be off looking for better wages, because they can get them.
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A lot of companies are finding this out the hard way which is why it surprises me why P&O have ditched their entire workforce. I guess a lot of execs are so far detached with what's going on with the labour market to realise the error of their ways.

When you give out 270 million in bonus' then it is of no surprise really.
 
adam cool dude said:
A lot of companies are finding this out the hard way which is why it surprises me why P&O have ditched their entire workforce. I guess a lot of execs are so far detached with what's going on with the labour market to realise the error of their ways.

When you give out 270 million in bonus' then it is of no surprise really.
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My place is going the same way. Frozen wages for years and now that it's an employee's market, people are jumping ship to get big rises (including me). The boss is living on another planet and seems to think they can just keep piling the extra workload on remaining staff and it will still get done.
 
Nasher said:
Shocker as P&O finds out you can't get a crew with the required qualifications for peanuts. And as soon as they do train them they will be off looking for better wages, because they can get them.
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This seems to be happening a lot.
I recently worked as a tech in a Mercedes dealership and the management flat out refused to pay us the going wage for our experience and qualifications, and over the course of two months, seven of us (out of 11 techs) left for new jobs.
They are still offering the same wages and unsuprisingly haven't filled the vacancies.
 
JonRGV250 said:
This seems to be happening a lot.
I recently worked as a tech in a Mercedes dealership and the management flat out refused to pay us the going wage for our experience and qualifications, and over the course of two months, seven of us (out of 11 techs) left for new jobs.
They are still offering the same wages and unsuprisingly haven't filled the vacancies.
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Same in my industry. I have just left my company after 15 years. They offered me a pay rise but was too little too late. The wages some of the more senior management are on is ridiculous yet when I manage to save them 30k a year in waste I get a pat on the back and that is it. When in reality they should be doing it themselves!
 
Nasher said:
My place is going the same way. Frozen wages for years and now that it's an employee's market, people are jumping ship to get big rises (including me). The boss is living on another planet and seems to think they can just keep piling the extra workload on remaining staff and it will still get done.
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Reminds me of the early sixties, I was a young truck driver doing 2 round trips to Glasgow from East London per week for the dizzy basic wage of £11.00 per week.
Someone told me that a firm in West India Dock Road were looking for drivers at £13.00 per week basic, and I drove my truck into their yard, had a swift interview and started a week later, and that job was home every night.
 
dLockers said:
My wife used to recruit for them. Super lucrative (for the people who take the roles). Her salary was aweful because the company played on the perks like going to Monaco/Miami all the time.
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To be fair they are pretty good perks for a recruiter.
 
Just seen the p&o cruises advert who understandably are in full damage control mode.

I wonder how much business they have lost over boycott idiots that can't use Google for 10 seconds.
 
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