In an update issued on its remuneration policy, the volume housebuilder stated that its executive directors had agreed to take a temporary 20% reduction in their base salaries as of April 1, “until such time as the group is able to recommence work on-site”.
Executive directors will also not be paid any cash bonuses which may have been due this year.
And until sites reopen, Persimmon’s non-executive directors will reduce their fees by 20% as of the start of this month.
This follows Taylor Wimpey’s decision to cut senior pay earlier this week, with executive directors taking a voluntary 30% reduction in base salary and pension for the duration of the government-imposed lockdown.
Persimmon said it was taking the steps “in recognition of the current extraordinary circumstances”.
On March 25, the company announced the temporary closure of all sales outlets and “an orderly shutdown” of its construction sites.
