Barclays are the most recent bank to announce that contractors is going to be dealing with a cut within their current working rates, after equivalent actions were released by the Royal Bank of Scotland and Lloyds in recent weeks.
Contractors doing work for an investment division of Barclays have supposedly been told that they have to acknowledge the terms of a new deal that can see their rates reduced by 10%, and if they decide not to their contract will be ended from 2 December. They will must also take a 10 day holiday ahead of the end of December but this can include the Christmas holidays.
Similar conditions have also been positioned on contractors working for RBS, all of whom have been told to consider 19 – 30 December off as a holiday, while contractors at Lloyds are facing cuts which can be between 10 – 15% on their day rates and a 10% cut on renewed contractors for extended term workers.
Contractors who are looking for an effective way to deal with their finances and payments must look into using the services of an umbrella company for example Pulse Umbrella. The company was created by a list of contractors that were dissatisfied with the service they were receiving from current umbrella companies and ensures that the needs of contractors come first.
All contractors doing work for Pulse Umbrella also get a number of other benefits including holidays, sick leave, maternity/paternity pay, a pension scheme and childcare vouchers, making certain contractors to get the most out of their life without needing to worry about any issues with the taxman. Visit www.pulseumbrella.com to find out more details about their services.
