Fletcher Building executives to take 30 per cent pay cut after pressure from staff

After pressure from staff Fletcher Building executives will take a 30 per cent pay cut as the coronavirus pandemic hits the economy and their business.

Last week 1 NEWS was leaked a letter sent to staff from Fletcher Building which said the 90 per cent of employees who aren't working due to the coronavirus lockdown would be receiving pay cuts.

Fletcher Building employs 10,000 people around New Zealand and is asking its employees to be paid 80 per cent on average of their wages for the first four weeks of lockdown.

For the following four weeks it would drop to 50 per cent and the four weeks after that, a 30 per cent cut.

Senior executives still working were initially going to take a 15 per cent wage cut. However a statement released today by Fletcher Building said that executives will now take a 30 per cent pay cut as opposed to the 15 per cent they were originally going to take. 

The company says it's providing a package to workers which will support workers while they're unable to work. 

The company says 93 per cent of staff agreed to the programme. 

Fletcher Building CEO Ross Taylor said: “We were also asked to reconsider the pay cut for our most senior leaders, which includes myself, 11 other senior managers and our Directors, as they thought we could have gone further than the 15% proposed.

"We have listened to our people and we will be extending that to 30% through this 12-week period. Our Executive Team continues to work throughout the lockdown, to ensure we are best placed for when the restrictions are lifted".