When told that their company has gone under, Lehman Brothers’ employees in the UK packed their stuff and went home, seemingly resigned to the fate that they won’t see their September salary.That means many of them would not enough money to cover their range of usual expenses including mortgage, hire purchase, rent, food and groceries, and other expenses.
However, all is not lost after the company’s administrator, PricewaterhouseCoopers (PwC) which took over the management promised the 4,000 odd workers will be duly paid their salary. The employees have also been asked to come back to office and complete the month.
The only slight hiccup is that instead of getting the salary payment on the usual third week cycle (around 20th of the month), the workers will get their earning a little bit late, but effort is being made to ensure the staff are paid before the 30th September. No decision has been made on bonus, but from the look of things, bonus give outs are unlikely occasion.
When PwC first stepped into the office, the audit firm was unable to find enough cash, and was seemingly short of $75 million required to settle the September wages. It sparked panic until the winding down of several key positions started to generate some cash flow.
