Wood Group PSN to cut contractor pay

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Wood Group PSN to cut contractor pay

Oil services firm Wood Group PSN has announced a wage cut for contractors – for the second time this year.

The Aberdeen-based company said it had taken the decision as a result of the falling oil price as well as high operating costs.

Contractors operating onshore and offshore in the UK will see a pay cut of up to 10% from January. It follows a 10% cut which was announced in May.

Some will be offered the opportunity to become staff.

The wage cuts will affect 60 UK offshore contractors and 1,250 onshore contractors.

Wood Group said about a third of its 12,000 UK onshore staff will have their salaries frozen.

Source: BBC News

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Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.