Westpac freezes staff pay with zero wage offer

Westpac freezes staff pay with zero wage offer

Bank workers’ union Finsec is describing Westpac’s refusal to offer a pay increase as a wage freeze for their staff despite significant cost increases for workers and good profits for the bank.

Four days of bargaining this week for a new collective agreement adjourned today with Westpac refusing to offer staff a pay rise.

“We think Westpac’s decision to offer nothing is not because they’re broke, it’s because they are mean. The bank can easily afford a cost of living increase out of the $125 million it made in profit for the first six months of this year alone,” said Finsec Campaigns Director Andrew Campbell.

“The bank paid dividends valued at $328 million last year – more than they made in profit. New Zealanders are being offered a raw deal when the bank can give their shareholders hundreds of millions, much of which goes offshore, yet can offer nothing to their Kiwi staff.”

“This pay freeze sends an ominous signal to all New Zealand workers. When large profitable banks like Westpac are trying to freeze staff wages in the face of rising costs for employees, it indicates there could be considerable strife ahead,” said Campbell.

“With inflation rising, the value of our pay would be severely cut with no pay increase,” said Maxine Mullen, a union member from Westpac Levin and a member of the Finsec bargaining team. “We have families to support and with all our costs going up that is getting harder and harder. Westpac can afford to help staff out and we are shocked that they are declining to do so.”

“Bank staff have been totally honest about the problems in the New Zealand banking industry. We are fighting for changes to unfair debt targets, low staffing levels and getting the banks to act in the interest of New Zealand. We feel that we are being punished for doing so,” said Mullen.

ENDS

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