Postal
Post executives in bonus bonanza as staff face caps
(3 March 2010) Middle level managers at Post Logistics have had their bonuses capped at 5 per cent while senior managers received bonuses of more than 15 times that amount.
Notwithstanding a record loss of about $50 million last financial year, senior Australia Post executives who served on the board of the logistics business had bonuses of more than 75 per cent in addition to their base salary, according to figures in the Australia Post annual report.
Meanwhile the business's general manager, Brendan Boyd, informed staff that performance pay 'will be capped at 5 per cent', according to an article published The Age.
Graeme John, who left the company at the end of last year, was given a 75.8 per cent bonus as part of a $2.5 million salary, while the organisation's chief financial officer picked up a 56.7 per cent bonus to bring his salary to $766,264.
Alec Caselli, who resigned as general manager of Australia Post Logistics last April, still managed to pick up a 10.4 per cent bonus that took his salary to $469,963.
But Post is taking action to recoup the Post Logistics losses - executive salaries were frozen this financial year, while award employees were being given pay increases of 4 per cent per year!
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