Telecommunications giant BT is offering staff the chance of long holidays in return for a big pay cut. The former state-owned company is looking to reduce its wage bill while trying to avoid redundancies after being hit by the economic downturn. One option available to staff is an up front sum of 25% of annual salary in return for taking the whole year off. Employees have also been offered a one-off payment of £1,000 if they agree to go part-time. Parents will have the opportunity to restrict their hours to school term times to allow them to spend time with their children.