We are in receipt of an email allegedly sent by BAML to its contract and temporary staff. The communication is produced in its entirety below.
Two questions spring to mind:
– Is this normal?
– Is this legal?
The email is below. We have bolded sections as appropriate. Jane Mann, head of employment law at law firm Fox Williams, says this kind of thing is entirely legal as long as provisions for it are made in temporary workers’ contracts. By applying it to all contractors, she says banks are able to avoid discrimination claims.
Following a recent business wide review, driven by the current economic climate, Bank of America Merrill Lynch has taken the decision to apply a market correction to contractor and temporary worker pay rates.
This adjustment is not a reflection of the quality or value of your contributions to date, but a response to current market events and our client’s continued focus on cost management.
As a result, this letter is formal notification of a rate change to your contract for services at Bank of America Merrill Lynch.
You will remain on your current rate until 30 December 2011. Effective 31 December 2011, your pay rate will change to £xx per Day. This represents a 10% reduction to your current rate.
To confirm that you accept the amended contract between yourself and Hays Specialist Recruitment, please email email@example.com by 5pm on Thursday, 15 December.
A new contract effective from 31 December will be generated upon receipt of your acceptance.
Should you choose to decline these revised terms, please confirm your non-acceptance by 5pm on Thursday, 15 December 2011 via email to firstname.lastname@example.org, or in writing to the above address. If you choose not to accept this change to your current terms and conditions, your assignment at Bank of America Merrill Lynch will terminate on 30 December 2011.
Failure to respond by 5pm on Thursday, 15 December will also be deemed to be non-acceptance and will result in your assignment at Bank of America Merrill Lynch terminating on 30 December 2011.
Please direct all questions relating to the above to your agency. Your Bank of America Merrill Lynch assignment manager is aware of the details of this communication.
Hays MLTemp Desk