BT offers off time for pay cut

Telecom company BT Group PLC is offering staff a year off work in return for a 75 per cent cut in that year's pay.

BT is one of Britain's biggest companies, with more than 100,000 employees. It is trying to cut costs after posting a net loss of almost 1 billion pounds ($1.6 billion) for the first three months of 2009.

The company said that staff who take up the offer will get the remaining quarter of their salary as an upfront payment. Employees are also being offered incentives to work part-time.

BT already has said it expects to cut 15,000 jobs in the next year. Many companies are seeking to trim payroll costs. British Airways asked employees to take unpaid leave or work for a month without pay. It says 7,000 of its 40,000 staff agreed.