Inflation rising – pay must not fall behind

The June quarter increase in CPI is the biggest jump in nearly twenty years, and unions are warning that pay must not be allowed to fall behind. Food and petrol costs (up by nearly 25% in the last year) have driven the 1.6 percent increase this quarter.

Finsec President Kelvin Pycroft said that rising inflation meant that achieving a fair pay increase at ANZ National and Westpac was even more crucial. “We’re very clear that pay offers below five percent are not a pay increase in real terms,” he said. “The banks have continued to grow their profits despite the difficult economic circumstances. They can and should ensure that their staff pay does not fall behind inflation.”

Pycroft said that Westpac’s own economist has just predicted that inflation for the 2008 calendar year will reach 5.1%. “Finsec members are sending the banks a very clear message that less than 5% will not achieve fair pay.”

Advertisements

0 Responses to “Inflation rising – pay must not fall behind”



  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s




You can contact us at:

0800 FINSEC (0800 346 732)
union@finsec.org.nz
www.finsec.org.nz


Creative Commons License
Join Now 0800 FINSEC

RSS LabourStart – act now to help other workers

  • An error has occurred; the feed is probably down. Try again later.

Finsec Photos

Archives


%d bloggers like this: