Tougher Times Ahead

[RapidF6]

A couple of things stink with this deal...

$17 Million pumped into the company by the government in the last 2 years and they're still closing the doors..

75% of they're production is already offshore and yet they still made an $150Million dollar loss last year...

Stinks of opportunism to me...

http://au.biz.yahoo.com/090226/31/24vs9.html

[Dagabond]

It just gets deeper...Aussies screwin Aussies..

[tab]

Read the last two lines of the article though just to put it in perspective....good old media beat-up yet again.

But Pacific Brands says Ms Morphet received the rise because she was promoted from being a divisional head to chief executive of the company.

In a statement, the company also says her pay is approximately half of what the previous chief executive received.

But then I suppose the headline "Pacific Brands Boss on Half The Salary Of Her Predecessor" wouldn’t get much too attention would it.

[seventytwo]

Still 1.8mil is the equivalent of at least 30 textile workers yearly salaries, could have saved a few jobs with even a smallish pay cut.

[tab]

I could quarter my salary, move in to shared accommodation and use public transport to give a few more a job...won’t be happening though sorry.

Have no qualms with people being paid market rates. Yeah some are at the extreme, but last time I checked we aren’t living in a communist regime....yet. We all enjoy the fruits of a free-market economy so that’s just the way it is.

And at the end of the day the corporate bottom line has no concern for “aussie jobs”, it’s all about return to the owner/shareholder at the end of year. If that means paying higher executive salaries to get the calibre of people to achieve that goal then so be it. Unfortunately it may also mean offshore production

[RapidF6]

Still 1.8mil is the equivalent of at least 30 textile workers yearly salaries, could have saved a few jobs with even a smallish pay cut.

I agree.

The timing of this pay rise is the really stupid thing. It's obvious they don't care about the insensitivity. Insult added to injury. I'm feeling a bit sorry for the people who lost their jobs.

Can someone tell me why CEO's and the like must have pays this big? I mean, getting paid 500k would be pretty damn good. But 1.8 mil??? That's a ridiculous sum. Especially when everything is starting to sink...

Edited 27/02/09 12:55 AM by RapidF6

[Dagabond]

It's coming out now that the top execs were given over 7 Million in rises last year...the same time the government was injecting the 17 Million of OUR tax money to try to keep the jobs in Oz for the workers...

[turbo.vixen]

I cant find any plastering work on the sunshine coast or even in brisbane, it has absolutly died in the ass and now I have to find another job because its said that there will be nothing for another couple months. I cant sit around waiting as I have a family to feed so look out centrelink here I come.......

Edited 27/02/09 01:29 AM by turbo.vixen

[turbotrana]

The salary for execs are obscene because the laws allow them to get away with it. Telstra shareholders voted against Trujillos pay rise but he went and did it anyway.

The law needs to be changed so that the shareholders get a say.

Every dollar you give to the workers usually goes back into the economy. Every dollar that goes to high paid execs just makes their fat bank account fatter.

[ronburgundy]

Only problem is the weight of votes is typically controlled by institutional investors - probably easily 'swayed' by some fiscal lubricant if you know what I mean. They're all just looking after reach other, mum & dad investors really don't get a say.