Premier & Cabinet

Type:
Premier's Memorandum
Identifier:
M2012-04
Status:
Archived

M2012-04 Application of NSW Public Sector Wages Policy 2011 to State Owned Corporations

Description

The NSW Public Sector Wages Policy (Wages Policy) has been amended to extend its application to State Owned Corporations (SOCs) including their subsidiaries. The application of the Wages Policy to SOCs will limit increases in employee related expenses (including for executives and CEO’s) to 2.5 per cent per annum with any additional increase to be funded by employee related cost savings.

Detailed Outline

The NSW Public Sector Wages Policy (Wages Policy) has been amended to extend its application to State Owned Corporations (SOCs) including their subsidiaries. The application of the Wages Policy to SOCs will limit increases in employee related expenses (including for executives and CEO’s) to 2.5 per cent per annum with any additional increase to be funded by employee related cost savings.

All upcoming CEO contracts will need to apply the Wages Policy and shareholding ministers will approve CEO packages prior to Board approval. The base year for the policy, to apply to available CEO and senior executive salary packages (including potential performance bonuses), is 2010-11, so as to have an effect on 2011-12 salaries.

With the approval of the Treasurer, Portfolio Ministers are to formally notify the board of each SOC of the application of the Wages Policy to the SOC and its subsidiaries.

Barry O’Farrell MP
Premier

This Memoranda updates M2011-10 NSW Public Sector Wages Policy 2011.

Overview

Compliance

Not Mandatory

AR Details

Date Issued
Apr 26, 2012
Review Date
Apr 26, 2017
Replaces
Replaced By

Contacts

Contact
Contact us
Phone
02 9228 5555
Publishing Entity
Department of Premier and Cabinet
Issuing Entity
Premier