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Redundancy payments for Olympic executives cost £2.8m Redundancy payments for Olympic executives cost £2.8m
(about 9 hours later)
The financial reports of the Olympic Delivery Authority (ODA) show 144 officials were paid off because they were given permanent contracts despite the authority winding down in 2014. The financial reports of the Olympic Delivery Authority (ODA) show 144 officials were paid a share of more than £2m when the authority was wound down in 2014.
Exit payments cost £2.8m in 2012-13, the Annual Report and Accounts said.Exit payments cost £2.8m in 2012-13, the Annual Report and Accounts said.
Chief executive Dennis Hone, made redundant in March, was paid £80,000 and an "immediate pension" of £373,000. Chief executive Dennis Hone, made redundant in March, was paid £80,000 and had £373,000 paid into his pension.
An ODA spokesman said hiring the best people required many to give up secure long-term jobs elsewhere.An ODA spokesman said hiring the best people required many to give up secure long-term jobs elsewhere.
'Tough criteria''Tough criteria'
Stephen Barclay, a Conservative member of the House of Commons public accounts committee called the situation "perverse" because "we knew when the Olympics were going to finish". The financial reports note that the chief executive was entitled to receive statutory redundancy pay and a terminal bonus equivalent to 60% of his salary as part of his employment rights.
The financial reports note that the chief executive was entitled to receive statutory redundancy pay and a terminal bonus equivalent to 60% of his salary.
It said: "The Remuneration Committee decided to award a terminal bonus of 49% of his salary and to defer 50% of the bonus until the successful completion of the sale of East Village to QDD."It said: "The Remuneration Committee decided to award a terminal bonus of 49% of his salary and to defer 50% of the bonus until the successful completion of the sale of East Village to QDD."
Mr Hone was hired shortly after his redundancy as chief executive of the London Legacy Development Corporation.Mr Hone was hired shortly after his redundancy as chief executive of the London Legacy Development Corporation.
An ODA spokesman said London 2012 had been a "unique and challenging project and a great British success story".An ODA spokesman said London 2012 had been a "unique and challenging project and a great British success story".
He said: "We needed to recruit and pay for the best talent from the private and public sectors, requiring people in many cases to give up secure long-term jobs elsewhere, with no certainty of the project's success or getting a job after the Games.He said: "We needed to recruit and pay for the best talent from the private and public sectors, requiring people in many cases to give up secure long-term jobs elsewhere, with no certainty of the project's success or getting a job after the Games.
"Like other staff, Dennis Hone received performance related pay, but this was far from guaranteed and was measured against tough performance criteria, evaluated personally and in relation to the organisation he successfully led in the critical 18 months up to the Games, during London 2012 and immediately after." "The exit payments for staff other than Dennis Hone comprise only - and are limited to - statutory redundancy pay, any leave they were unable to take before their employment ended, and, where appropriate, payment in lieu of notice.
"Like other staff, Dennis Hone received performance related pay, but this was far from guaranteed and was measured against tough performance criteria."
On Friday, a report for the UK Trade and Investment department suggested the Olympics resulted in a £9.9bn boost for the economy.On Friday, a report for the UK Trade and Investment department suggested the Olympics resulted in a £9.9bn boost for the economy.