Yet another cancellation by Network Rail: Chief execs bonus

Salary bonus cancelledFinally, a cancellation by Network Rail we can all be happy about. Network Rail chief exec Sir David Higgins has turned down his £340,000 bonus after being put into the spotlight of the public, similar to vilified banker Stephen Hester last week.

Sir David Higgins earns a basic salary of £560,000, so it might be fair to say he’ll still be able to afford a season ticket. After running his basic wage through the salary calculator, the following figures are revealed:

  Year Month Week Day Hour
Gross income £560,000.00 £46,666.67 £10,769.23 £2,153.85 £287.18
Personal allowance £0.00 £0.00 £0.00 £0.00 £0.00
Taxable income £560,000.00 £46,666.67 £10,769.23 £2,153.85 £287.18
Income tax          
Tax £258,000.00 £21,500.00 £4,961.54 £992.31 £132.31
National Insurance £14,581.04 £1,215.09 £280.40 £56.08 £7.48
Net income £287,418.96 £23,951.58 £5,527.29 £1,105.46 £147.39

In fact, his salary represents 458 x Manchester to London 1 month season tickets. I don’t know if that bit of trivia highlights more that his salary is so high, or that UK rail fare prices are extortionate.

An interesting question is why he feels he has to turn down this bonus. If Sir David Higgins can see why, then why can’t the people who give them the bonus in the first place also see it?

With another bonus waived, who from the 1 percent will be next? Will the premiership footballers ever get some home truths about their salary entitlements? Who do you think will be under scrutiny next?