Cadent Gas pays its chief executive £1.4 million a year – it can afford to pay workers properly
Thousands of field force workers at gas giant Cadent will stage a 48 hour strike this month.
Around 2,000 GMB members will down tools on Monday 30 May and Tuesday 31 May 2022 in a dispute over pay and conditions.
The industrial action could potentially cause outages at homes and businesses throughout five regions in England; North West, East and West Midlands, East Anglia and North London.
Workers resoundingly rejected a below inflation pay increase of 2 per cent for 2021 and 4 per cent from July 22.
With inflation running at 11.1 per cent, the deal amounts to a massive real terms pay cut.
Cadent made an operating profit of £901 million in 2021, while CEO Steve Fraser was paid £1.4 million in 2020/21.
The company’s Australian owners MacQuarie are currently heading up a consortium to buy National Grid’s gas transmission and metering business for £4.2 billion.
Gary Carter, GMB National Officer, said:
“GMB members have had enough. They are determined to stick together and fight for what's right. They deserve better pay.
“In recent years Cadent has cut the pay of new starters, who can't survive on such low pay.
“Bosses trumpeting they've raised rates to £10 per hour – but that’s nothing to be proud of. It's poor pay, for skilled work.
“Cadent Gas pays its chief executive £1.4 million a year and makes big profits from taxpayers for its Australian owners MacQuarie - It can afford to pay its workers properly.
“Cadent is out of touch with its workers and out of touch with the cost-of-living crisis.
“Bosses need to get their heads out of the sand and start listening to workers.’