Westpac Packs a Mega Profit

1 November 2007

Westpac Packs a Mega Profit

The bank workers union Finsec is calling on Westpac to significantly improve wages for its New Zealand staff following today’s announcement of a NZD$ 465 million after tax profit for its New Zealand division.

“This result reflects the fact that Westpac is turning its business around and the profit announced was very significant. It can more than afford to be a market leader on wages in the banking sector,” said Andrew Campbell, Campaigns Director for Finsec (The Union for Westpac workers)

“There has been much talk of New Zealand moving to a high skill, high wage economy. Westpac workers are highly skilled yet the bank still pays some employees as little as $14.62 per hour, less than the minimum wage of $15 an hour that unions are calling for” said Campbell.

“Finsec is calling on Westpac as one of the most profitable companies in the country to show the social responsibility it claims it has towards New Zealand and to show leadership in this area by using a bit more of their large profit to significantly increase employee salaries.” Campbell said.

“Westpac will also get a multi million dollar windfall early next year through the corporate tax cut. New Zealand workers and communities should benefit from these windfalls rather than just shareholders & senior managers,” said Campbell.

“Westpac can more than afford to increase wages,” said Campbell.

ENDS

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