BP will freeze salaries across the company this year in the latest move to cut costs by an oil major to address the impact of the plunge in the oil price in recent months.
The wage cap was announced by Bob Dudley, chief executive, in a message to staff on BP’s intranet on Monday.
He said the “tougher external environment” had forced the company to take “a number of measures” including “a general freeze to base pay for 2015 with only a few exceptions for specific circumstances around the world”, adding: “We will review salaries again in a normal way in 2016.”
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