Rollover Bonuses : LUSENET : TimeBomb 2000 (Y2000) : One Thread

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Survey shows big bonuses for 2000 by Matthew Lake

Employers will pay up to eight times the normal rate to IT staff prepared to work in the early hours of 2000.

According to a survey of year 2000 bonuses on offer at 123 companies, produced by consultants MCG, IT staff at one commercial banking group (which it refused to name) are set to get a bonus of eight times normal salary - for working between 6pm and 2pm on 31 December - 1 January.

This contrasts with staff at an IT services firm who will only receive a standard Bank Holiday bonus of twice their hourly rate.

ICL and Compaq have agreed a rate of four times the normal salary with the MSF union, according to the survey.

Bradford and Bingley building society is paying three times its normal hourly rate, including travelling time, plus #50 to be on stand-by.

Financial services companies are currently in the vanguard of organisations making plans to reward staff for working over the millennium holiday, and are by far the most generous. However, most organisations have yet to finalise their policies because human resources departments are waiting to hear from line departments exactly which staff will be required to work.

"Of the total number of organisations approached, less than 20% have anything like definitive plans," said MCG partner Malcolm Stuart. "The organisations that have determined their policies are drawn heavily from the financial services sector."

The survey revealed a preference to base awards on an hourly rate as opposed to lump sum payments, with the overtime premium varying depending on the days worked. "A number of organisations are paying five times salary, while others are paying a lower salary multiple, but including a lump sum payment," Stuart commented.

The survey, whose respondents included Argos, BP Oil, Midland Bank and Standard Life, revealed no evidence to support speculation in the press that some programmers would be getting #1,000 per hour on the big night, Stuart added.

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