Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Westpac makes biggest profit and worst offer

29 November 2005

Westpac makes biggest profit and worst offer to staff

Westpac, the bank to announce the largest profit in New Zealand this year ($611 million), has chosen to offer its staff the smallest pay rise. Westpac, which already has some of the lowest rates of pay in the New Zealand banking industry, is offering its staff a barely above inflation offer of 3.75%. This is after ANZ National and BNZ staff all received a pay increase through negotiations earlier this year of 4.35% and 5%.

Westpac staff who belong to the bank workers union, Finsec, will be holding stopwork meetings around the country during the week of 5-9 December, and taking actions to highlight the poor way that bank treats both its customers and staff.

Westpac staff believe that the bank has offered the lowest pay rise in the industry, in order to try and place financial pressure on staff to reach sales and debt targets. Currently to increase their pay workers are required to sell specific numbers and types of products and debt to customers so as to reach incentive targets that enable them to get their full salary.

Staff at Westpac want to be recognised for selling to customers based on what the customer needs, rather than what the bank tells them they have to sell to make its targeted profit figure. This means recognising staff skills in assessing customer need, high product knowledge and great customer service.

Finsec's Campaigns Director, Karen Skinner is calling on Westpac to stop compelling its staff to sell more and more debt to New Zealand customers. "Deliberately unachievable and unfair targets are not a fair measure of staff performance. Staff want Westpac to operate in a more ethical way in this country. That means listening to customer and staff needs."


© Scoop Media

Business Headlines | Sci-Tech Headlines


Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>