BT’s CEO pledges to donate his salary to the UK’s health workers for 6 months

The
Coronavirus pandemic has disrupted businesses and pushed the global economy into
recession. Numberless companies have resorted to job cuts to reduce
expenditures amidst the ongoing health crisis aimed at sustaining the financial
stature. Amidst all the chaos, however, the largest telecoms firm in the UK, BT
(LON:BT) recently pledged to cut no jobs for a minimum of three months during
the economic challenge that the experts deem direr than the financial
crisis of 2008.

In
his announcement on Monday, BT’s chief executive officer, Philip Jansen, also announced
that he will be donating his entire salary to the health workforce for the next
6 months until the pandemic is brought completely under control.

BT
To Offer Pay Raise To Its Frontline Workers

The company, Jansen added, will also be increasing the salaries of its frontline workers who are committed to maintaining the UK’s broadband network amidst the ongoing Coronavirus shutdown.

Jansen
was also the mind behind the launch of Worldpay Inc. Serving as the CEO of the world-renowned
payment processing company, he is known as one of the richest executives in the
United Kingdom.

In
an earlier announcement, BT had also declared plans of distributing £500
million worth of company shares among all of its workers. According to Philip
Jansen:

“This
is an unprecedented situation and I want to give our people some certainty
about the months ahead. This period requires sacrifices from us all, and I want
our people to know we are all in this together.”

Jansen
was reported to have acquired COVID-19 at the start of March. Ever since, the
executive has been isolated and is working from home.

PM
Johnson Moved To Hospital For COVID-19 Testing

The
flu-like virus has so far infected over 47,800 people in the UK with the death
toll quickly approaching 5,000. Infectees in the UK include Prime Minister
Boris Johnson and Prince Charles. PM
Johnson is currently undergoing diagnostic tests for COVID-19 at the
hospital on persistent symptoms of the virus. As per Johnson, however, he
intends to continue to lead Britain’s response against the Coronavirus
pandemic.

BT
is currently committed to maintaining the UK’s largest network comprising phone
lines, broadband, and mobile connectivity as it expands on work from home
arrangements for its employees.

At
117 pence per share, BT is currently trading around 40% down year to date. The
company has a market cap of £11.55 billion and a price to earnings ratio of
5.38.