Network Rail to get lower bonus payouts after missing targets

 
Suzie Neuwirth
NETWORK Rail bosses will receive less than a third of their potential bonuses this year, but will still receive thousands of pounds despite missing punctuality targets.

Chief executive David Higgins received a £99,000 payout on top of his £577,000 salary and four other executives were awarded between £67,658 and £59,759. The bonuses were reduced from a potential 60 per cent of salary to 17 per cent, after the firm missed key punctuality targets, although other performance targets were met.

“With many passengers facing overcrowded services and delayed and cancelled trains, it is wrong for Network Rail to be paying out such large sums to its senior managers,” commented Labour’s shadow transport secretary, Maria Eagle.

“Ministers must now act and make clear that bonuses on this scale are simply not appropriate in a company that receives nearly four billion pounds of taxpayers’ money every year.”

Richard Parry-Jones, chairman of Network Rail, said that the firm: “needed to recognise the significant successes that had been delivered in the business during the year”.