Stabilisation Delays Bank Officers' Bonus

Chronicle (Levin), 23 April 1949, Page 3

Stabilisation Delays Bank Officers' Bonus

AUCKLAND, April 22. Bank officers of f'our. Australian and. English Banks trading in New Zealand are anxiously awaiting the f ate of a substantial bonus awarded them by the directors of their institutions some months ago. Initially the, payment of the bonus was stopped by the. Stabilisation Commission but the case has been re-submitted and it is possible that the final deeision as to whether the staffs will receive the bonus or not, may be issued simultaneously with the appearance of the first award for Bank ofiieers, which is to be brought down by the Arbitration Court. The case for the award was heard by the Court earlier this year. Ironieally, no sueh diffieulty arost with the payment of a bonus to the staff of the Bank of New Zealand beeause in the past, before the Stabilisation Regulations were brought into force during the war, the Bank of New Zealand directors had always approvo ed of a bonus to the Bank 's staff. Althougk some bonuses have been paid by the Banks eoncerned in the present issue, they„have not been reguiar payments which could be regarded as ( normal reniuneration which, t oi' course, now brings them within. the !seope' of the Stabilisation Regulations. ^The disappointment qf the New Zealand staffs . of these overseas Banks has been niade more acute becanse staffs of the same Banks working in Australia, have not only had the benefit of the bonus which is being arbitrarily wfthheld in New Zealand, but also have been granted a Commonwealth cost of living bonus.