Taylor Wimpey execs to take 30% salary reduction to offset COVID-19 disruption

Housebuilder Taylor Wimpey has taken steps to safeguard its long-term future against the disruption caused by the COVID-19 pandemic.

The national firm has announced amendments to the remuneration of its executive directors in light of the ongoing coronavirus outbreak.

The firm, which has temporarily closed all showhomes, sales centres and construction sites, has decided to freeze the 2 per cent salary increase due to come into effect today, as well as cancelling its annual bonus payments.

In addition, Taylor Wimpey executive directors have been given the option to take a voluntary 30 per cent reduction in base salary and pension for the duration of the government-imposed lockdown, to be reviewed at the end of June.

In a statement this morning, the firm explained: “The decision to take a reduction in base salary is supported by the whole board and therefore the non-executive directors will also take a 30 per per cent reduction in their fees for the same period of time.

“The objective of these changes is to conserve cash, with a particular focus on protecting the long term financial security of the business as a whole, for the benefit of all of the company’s stakeholders.”