Australia's Westpac to pay $5.5 million for staff underpayment, cites calculation errors [Reuters]
Westpac Banking Corporation (WBK)
US:NYSE Investor Relations:
westpac.com.au/about-westpac/investor-centre
Company Research
Source: Reuters
Australia's Westpac to pay $5.5 million for staff underpayment, cites calculation errors (Reuters) - Australia’s Westpac Banking Corp ( WBC.AX ) on Friday said it will have to pay A$8 million ($5.5 million) to around 8,000 employees who were found to have been underpaid their long-service leave entitlements due to calculation errors. The admission from the country’s second-largest lender follows a string of underpayment scandals by some of Australia’s biggest companies including Wesfarmers Ltd ( WES.AX ) and supermarket chains Coles Group ( COL.AX ) and Woolworths Group ( WOW.AX ). That had prompted the federal government to say it would introduce tougher laws that criminalise what it called “wage theft” and ban executives from being company directors if they were involved. Westpac said in a statement that calculation errors, which had led to underpayment and overpayment, were identified as part of its payroll review and long service leave arrangements. According to Australia’s
Show less
Read more
Impact Snapshot
Event Time:
WBK
Last Price
Price Change
Price Change%
Volume Shares
Max Up
Max Down
%
Volume Ratio
Performance Comparison
Updated
|
Event Day
Stock performance from the time of news release until the following 4pm ET market close
|
Last price at news event
|
Since Event
Multi-day stock performance from the time of the news release
|
|---|---|---|
|
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
|
LAST
PRICE AT NEWS EVENT |
SINCE EVENT
Multi-day stock performance from the time of the news release
|
| Last Price | ||
| VWAP | ||
|
High:
|
Max Up |
High:
|
|
Low:
|
Max Down |
Low:
|
|
%
|
Post news range |
%
|
|
|
Price change |
|
|
|
Price Change Percentage |
|
|
|
S&P 500 (SPX) |
|
|
%
|
Volume ratio |
%
|
| Volume | ||
| Ticks | ||
|
|
Avg transaction size |
|
Don't Miss Out On The Next BIG Stock Move
Event day
Event Day Chart will not be displayed beyond 90-day period of the event
Performance since event
Time And Velocity Analysis
Be the first to know
Opt in for alerts from News Quantifed
Sign Up Today
Opt-in for
WBK alerts
Learn More With NQ
Reading the Impact Report
Help Me Understand This Data
Help Me Understand This Data
How NQ Works
What is news-based trading?
And why is it so successful?
And why is it so successful?
Movers & Shakers
The biggest gainers and losers and WHY it moved
WBK alerts
High impacting Westpac Banking Corporation news events
Weekly update
A roundup of the hottest topics