Mr. Ted Fletcherasked the Secretary of State for Employment whether the increase of £5,000 in the income of the chairman of S. W. Berisford taking his pay to £55,000 a year, is within the terms of the Government's pay policy.
§ Mr. Harold WalkerI understand that the increase arises from a scheme for commission payments which was in operation prior to the introduction of the pay policy. Higher payments from such established schemes in the year commencing 1st August 1976 are not subject to the earnings cut-off which operated during the previous year of the policy.
Mr. Ted Fletcherasked the Secretary of State for Employment whether the increase of £4,000 in the income of the chairman of S. W. Berisford, taking his pay to £36,000, is within the terms of the Government's pay policy.
§ Mr. Harold WalkerI understand that this increase results from the effects of fluctuating exchange rates on overseas salary paid in foreign currency.
Mr. Ted Fletcherasked the Secretary of State for Employment whether the increase of £8,798 in the income of the chairman of the Orion Bank, taking his pay to £46,798, is within the Government's pay policy.
§ Mr. Harold WalkerI understand that the increase relates to increased responsibilities which result from the chairman taking on an additional appointment with a new overseas subsidiary of Orion Bank.
Mr. Ted Fletcherasked the Secretary of State for Employment whether the increase of £7,572 in the income of the chairman of Barclay's Bank, taking his pay to £56,975, is within the terms of the Government's pay policy.
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§ Mr. Harold WalkerI understand that part of the increase was implemented before the introduction of the pay policy and consequently was not fully reflected in company accounts until the year ended 31st October 1976 and that the remainder results from the effects of fluctuating exchange rates on overseas salary paid in foreign currency.