Gordon Campbell | Parliament TV | Parliament Today | News Video | Crime | Employers | Housing | Immigration | Legal | Local Govt. | Maori | Welfare | Unions | Youth | Search


New stats show collective bargaining delivers

For immediate release

5 February 2008

New stats show collective bargaining delivers for finance sector

Bank workers’ union Finsec is describing the 6.3 percent average pay increase for the finance and insurance sector over the last year as proof of the effectiveness of collective bargaining and union campaigning. The Labour Cost Index statistics for the year to December 2007 quarter show the highest increase since this series began in 2001.

“Through collective bargaining and an industry wide campaign for Better Banks finance workers have fought for and won some genuine gains in the last year,”said Andrew Campbell, Finsec Campaigns Director. “Pay settlements that have started to close the pay gap between banks have contributed to this significant move.”

Campbell said that the banks still had much to do to improve pay and conditions in the sector, particularly given the enormity of their profits. “Last year the major banks increased their after tax profits between 9 and 15 percent. Banks can afford to be pay leaders and should be making a meaningful contribution to lifting New Zealanders wages.”

“We will continue our Better Banks campaign in 2008 to ensure that staff continue to win fair wage increases and to address other serious industry issues like understaffing, customer debt targets and training. These are achievable goals given the banks record profits,” said Campbell.

Campbell noted that despite the increase, there were some roles in the sector on very low pay.

“We would like to see similar wage increases across other industries to ensure all workers are fairly paid. There is an urgent need for the corporate sector to invest more of their significant profits in good wage increases so New Zealanders can meet rising costs and manage increased household debt,” said Campbell.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines

Gita: Hundreds Of Callouts For Fire And Emergency

Overall, Fire and Emergency received 1302 calls from midday yesterday to 6’oclock this morning, with a large proportion of those calls being weather-related...

Local states of emergency are still in place for Taranaki, Christchurch City, Buller, Grey, Selwyn, Westland, and Nelson and Tasman districts. More>>

'It Was Literally Like A Wall Of Water'
About 6000 people are still trapped in Golden Bay as rain caused slips, and the Takaka River, flowing at 980 cubic metres per second, flooded onto pastures. More>>


CPTPP Deal: Text And National Interest Analysis Released

“New Zealand has been working hard to see the text made public as quickly as possible,” Mr Parker says... An analysis suggests it could be worth up to $4 billion a year to the New Zealand economy once fully implemented. More>>


Reviews: Three-Year Work Programme For Education

The work programme includes the NCEA review, a review of Tomorrow’s Schools, developing a future-focused Education Workforce Strategy, a continuous focus on raising achievement for Māori and Pasifika learners, an action plan for learning support, an early learning strategic plan, a comprehensive review of school property. More>>


Kauri Protection: Waitākere Forest Closure Proposed

At the 20 February meeting of the Environment and Community Committee, the council proposed to close the forested areas of the Waitākere Ranges Regional Park, with some exceptions, by 1 May 2018. More>>


Accommodation Allowance: PM, Deputy Were Paid While In Official Residences

Department of Internal Affairs officials advised the Prime Minister and Deputy Prime Minister late yesterday of the administrative error which has seen them receive Wellington accommodation payments since they moved into official residences. More>>

'Hit And Run' Raid: NZDF Had Reports Of Civilian Casualties

The NZDF received intelligence updates within one or two days of the August 2010 SAS raid in Afghanistan that reported civilian casualties, including the death of a child, new OIA documents reveal... it appears they did not bother to investigate nor made any effort to help the victims. More>>


Christchurch Public Meeting: Complete U-Turn By Labour And NZ First On TPP

The TPP might have been re-branded as the CPTPP but it's still the same bad deal says Professor Jane Kelsey, New Zealand's expert on international economic regulation. More>>





Featured InfoPages