Inflation-busting salary increases for the Executive Team
The Executive Team of NHG have done rather well recently.
There is the CEO, Kate Davies. She was trailing a bit in 2017 (1) with a total package of a mere £256,000. She is now on £297,000 (2)
The Director of Finance was slumming it at £186,000 in 2017. But it has all been sorted out. He is now on £230,000
The Chief Operating Officer was on a mere £191,000 in 2017. The Board have taken pity on the poor guy and raised his total package to £236,000
The Director of development…….but we won’t go on.
We merely point out that the total amount we are paying for the new NHG Executive Board is £1,734,000 per year.
The Executive Team were the people saying that the merger between Notting Hill Housing and Genesis Housing Association was necessary.
Now we can see clearly what they meant by ‘necessary.’
And inflation-busting rent increases for assured tenants
And these are the people who are saying that rent increases above the rate of inflation for assured tenants (the majority of NHG’s tenants) will start in April 2020. NHG are not required by law to put this rent increase into effect – but they will.
In negotiations in February 2019 between NHGResidents and NHG, they said:
“The issue of affordability and sustaining tenancies….is of course for many of our residents something they grabble (3) with on a daily basis.”
And their response? Pretty simple. Tenants will be forced to pay more:
“Our strategy will be to increase rents in line with the new standard. The new policy of CPI plus 1% from April 2020 for a period of at least 5 years, recognises the need for a stable financial environment to support the delivery of new homes.”
So NHG assured tenants, your above-inflation rent increases are something to ‘grabble with on a daily basis.’
While the Executive Team have to ‘grabble on a daily basis’ with their well-above-inflation salary increases.
(3) ‘To grabble’ means to ‘to feel or search with the hands; grope.’ https://www.dictionary.com/browse/grabble?s=t