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ASB to freeze pay for staff earning over NZ$50k and cut exec pay to avoid job cuts
ASB Bank has announced it will freeze pay for staff earning more than NZ$50,000 a year and will cut executive pay in a drive to avoid redundancies.
ASB staff would also be able to volunteer to reduce their work hours and the bonus pool to be paid in August would be cut significantly, ASB said.
"These cost reductions are aimed at protecting jobs at ASB in the face of pressures on revenue driven by the global recession," ASB CEO Charles Pink said in a statement.
"We recognise that a pay freeze for staff earning over NZ$50,000 is a significant step and, in that spirit, I and my executive team volunteered to lead by example and take a reduction in our own salaries. This reduction will take effect on 1 July," Pink said.
ASB said last week it would not be moving any New Zealand banking operations or roles offshore.
"Redundancies have always been the absolute last resort at ASB and we are determined to do whatever we can to ensure that this remains the case in our business in the future. This can best be achieved by taking action to save costs responsibly now," Pink said.
How many people earn less
How many people earn less than 50K p.a. in the ASB bank besides part-timers?
<b>How many people earn less
How many people earn less than 50K p.a. in the ASB bank besides part-timers?
Most of the tellers probably. I wonder what the percentage of people earning under 50 k. That is a pretty good wage for most people, and people in banking it may not be, which shows they are being overpaid.
When i applied for a
When i applied for a job at Asb they said their top starting pay for a teller was $33000
Hmmm, running out of money?
Hmmm, running out of money?
@Rob - you say: "That
@Rob - you say:
"That is a pretty good wage for most people, and people in banking it may not be, which shows they are being overpaid."
It does not show they are overpaid or underpaid. To say someone is overpaid on the basis of a only dollar figure in isolation is a gross generalisation.
To say someone is overpaid
To say someone is overpaid on the basis of a only dollar figure in isolation is a gross generalisation.
Well said Trev. Are you working in Wellington ? :-)
I wonder if they are
I wonder if they are also putting a similar cap on their profit forecast?
Trev Says: April 17th, 2009
Trev Says:
April 17th, 2009 at 3:18 pm
It does not show they are overpaid or underpaid. To say someone is overpaid on the basis of a only dollar figure in isolation is a gross generalisation.
I was refering to the whole banking sector in general, in terms of the whole credit crisis, as banks are one of the major reasons we are in this mess. Banking lending to people to buy houses, who couldn't afford to pay it back, which inflated house prices throughout the world.Hence they are being overpaid for a badly done job. Perhaps I a tarring all banks with the same brush, but people have done the same with finance companies, which is why most in NZ failed before the government guarranteed the remaining ones that had hung on by the skin of their teeth.
Remember most people in NZ earn under $50k, and probably work just as hard for the wage.
APparently ASB have 3500 people earning over 50k, so I wonder what their total staff numbers are. 3500 sounds a lot, so I assume it is most of them.
1200 earn less than $50k.
1200 earn less than $50k.
1200 earn less than $50k.
1200 earn less than $50k.
That is probably all the front of house staff, such as call centre workers and tellers.
So they are freezing pay for 75% of their staff. That is quite a high percentage getting paid over 50k ! Not many businesses would have that sort of percentage earning over 50k. 50 k is a very good wage where I come from.
Sounds like you dont have
Sounds like you dont have much knowledge about how many people work in a bank. Theres a lot of jobs that dont have Teller or CEO in them.