Would Philip Hammond call it overpaid? No, not a whisper and none in newspapers with big headlines on the frontpage; only a very small report in the Daily Mirror Finance section.
An axed boss, Richard Howson, of giant construction Carillion receive £3.500 a day including pay and perks. He signed a contract to receive £660,000 salary and £231,000 pension contribution and £28,000 of ‘benefits’ for 12 months.
Carillion hit a crisis when £580million has been wiped off their stock market value.
Carillion covered Richard Howson’s bonanza with his staying for up to a year “supporting the transition” to the new boss. Since the new boss will receive the equivalent or more it means huge sums, mainly unearned, of taxpayers’ money will be handed over to two executives.
Yes, taxpayers’ money because make no mistake it will be enclosed in the sum the government will pay the contractor.
To rescue the stricken company will a problem of a hole of missing £587m pension fund. It seems a new method of pension fund vanishing when the company is in trouble which should never be touched because it is the workers' money.
It happens in too many big corporation and is theft in broad daylight.