Following Lloyds TSB's decision to cut UK IT contractor pay by 15%, Royal Dutch Shell has made a similar take it or leave it offer.
The oil company has offered UK IT contractors new deals with a 10% pay cut. If they turn down the offer they will have to leave, according to a report on Contractor UK.
According to the report, an internal memo last month said that new and existing IT contractors would have pay rates cut by 12%, or face termination or their contract.
Last month, Lloyds sent an e-mail to IT contractors which gave them until 20 July to accept the 15% pay cut or leave.
One recipient of the e-mail said, "All attempts to negotiate around the imposition of the cut were met with: 'take it or leave the bank on notice'."
Lloyds said that it was bringing the rates in line with the overall market.
In the e-mail to contractors, the bank blamed the "unprecedented volatility and extreme market conditions" in the UK economy for the cuts. "This adjustment is not a reflection of the perceived quality or value of your contributions to date, but is a response to current market events and Lloyds' focus on cost management," it said.