Collective bargaining continues to deliver pay increases for finance sector

Finsec members received some of the biggest pay increases in the country last year due to us winning good outcomes from collective wage negotiations.

The Labour Cost Index released by the Department of Statistics this week shows the average wage increase in New Zealand last year was only 1.8%, the lowest annual rise since 2001. Despite this Finsec members in the major banks negotiated wage increases of 2.25% last year. The report points out that workers in the Finance and Insurance Services sector received the second highest level of wage increases out of any sector in the country.

“Because Finsec members ran strong public campaigns and negotiated together as a group we were able to win better than average wage increases last year,” said Finsec President Kelvin Pycroft.

“There is no way the finance sector would have been so high up on the list of wage increases if it wasn’t for Finsec members bargaining together and constantly reminding the banks that staff deserve a fair share of the profits they make,” said Kelvin.

“Our success last year on pay is further proof of the enormous benefit of belonging to Finsec. Please share this information about how well we have all done with your colleagues and encourage them to join to be part of our success in 2010,” said Kelvin.


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