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
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- Replaced By
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Contacts
- Contact
- Contact us
- Phone
- 02 9228 5555
- Publishing Entity
- Department of Premier and Cabinet
- Issuing Entity
- Premier