Wilef

Barclays are the latest bank to announce that contractors will be facing a cut in their current working rates, after similar measures were announced by the Royal Bank of Scotland and Lloyds in recent weeks.

Contractors working for the investment division of Barclays have reportedly been told that they have to accept the terms of a new contract which will see their rates cut by 10%, and if they choose not to their contract will be terminated from 2 December. They will also have to take a 10 day holiday before the end of December but this can include the Christmas holidays.

Similar conditions have also been placed on contractors working for RBS, all of whom have been told to take 19 – 30 December off as a holiday, whereas contractors at Lloyds are facing cuts of between 10 – 15% on their day rates and a 10% cut on renewed contractors for longer term workers.

Contractors who are looking for an effective way to deal with their finances and payments should consider using the services of an umbrella company such as Pulse Umbrella. The company was formed by a group of contractors that were dissatisfied with the service they were receiving from existing umbrella companies and ensures that the needs of contractors come first.

All contractors working for Pulse Umbrella also receive a number of other benefits including holidays, sick leave, maternity/paternity pay, a pension scheme and childcare vouchers, ensuring that contractors to get the most out of their life without having to worry about any problems with the taxman. Visit www.pulseumbrella.com to find out more information about their services.