BT announce a 9% annual increase in profits while imposing a below inflation pay award for Prospect members in BT

BT have today announced an annual 9% increase in profits taking them to almost £2 billion.

For Prospect members in BT there was the announcement of no share award for employees with BT using a slight fall in revenue to justify the decision.

However, there was good news for shareholders with the restoration of a full year dividend of 7.7p per share and an intention to increase the dividend next year.

The announcement comes after the recent decision by BT to impose a below inflation pay award that amounts to a 3% increase for our members. This follows a two year pay freeze in 2020-2021.

Prospect National Secretary John Ferrett said:

“Today’s announcement of major profits for BT whilst our members face the imposition of a below inflation pay award will leave a sour taste.

“While BT seems to be aware of rising inflation with a 9.4% increase in prices, there seems to be far less recognition of the impact of the cost-of-living crisis on BT staff.”

“We of course welcome BT being a success but a below inflation pay award following a two year pay freeze is hardly fair on our hard working members who kept the country connected during the pandemic.”