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Workers Win Protection when Business Goes Bust

Thursday, 25 March 2004, 3:52 pm
Press Release: New Zealand Council of Trade Unions

Media Release

25 March 2004

New legislation passed by Parliament last night will improve protection for workers when a business goes bust, Council of Trade Unions economist Peter Conway said today.

The changes introduced through the Companies Amendment Bill and the Insolvency Amendment Bill (arising from a private member’s Bill on the status of redundancy) did two very important things for workers, he said.

They lifted the present cap of $6,000 on a worker’s entitlements in an insolvency situation to $15,000, and included redundancy payments within that cap for the first time.

“The cap had not been increased for 15 years,” Peter Conway said. “Many workers who have negotiated redundancy agreements are angry when they see it is worth nothing in an insolvency situation.

“These Bills rectify that anomaly.”

ENDS

New Zealand Council of Trade Unions

Te Kauae Kaimahi

The New Zealand Council of Trade Unions Te Kauae Kaimahi brings together over 350,000 New Zealand union members in 40 affiliated unions. We are the united voice for working people and their families in New Zealand.

CONTACT NEW ZEALAND COUNCIL OF TRADE UNIONS

Website - union.org.nz/
Phone - +64 4 385 1334
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Physical Address - Level 7, West Block, Education House, 178 Willis St, Wellington.

Media Contact - huiaw@nzctu.org.nz
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