Cash-strapped Transport for London – which has received almost £5 billion in bailout grants from the Government and still has £2 billion gap to plug in order to break even – is offering £12 million a year in bonuses to top executives to stop staff departures. However, bonuses will only be paid when TfL is entirely self-sufficient in terms of its day-to-day operations. That isn’t expected to happen until April 2023…

A paper seen by the TfL’s remuneration committee explains that if TfL meets 75% of its targets  bonuses to top execs would cost TfL £9,354,36. The maximum scorecard achievement of 100% would earn top execs the staggering £12,155,315 figure. 

A TfL spokesperson said:

“Following a suspension of senior management payment awards in the last financial year, the Remuneration Committee has agreed by Chair’s Action to implement a revised performance award arrangement for 2021/22 and 2022/23.”

In the meantime Sadiq Khan has called on the Government to better fund TfL and help it recover from the pandemic. TfL is splashing £12 million on executive handouts whilst asking for more taxpayer funded bailouts…