Latest news with #remuneration
RNZ News
11 hours ago
- Business
- RNZ News
What are people being paid in hospo?
Photo: 123RF People working in hospitality have been getting paid a rate that is closer and closer to the minimum wage over the years. The Restaurant Association has produced its latest remuneration report, which shows what people are being paid on average around the country. But economists say it also highlights how little many hospitality jobs are paying. A bar manager is now being paid an average $32.20 an hour, a barista $26.91, a breakfast chef $29.23. Café managers are earning an average $29.86, chef de partie $29.63, and duty managers $29.16. General managers are earning $44.85, head chefs $36.81 and kitchen hands $25.03. Sommeliers are getting $30.30 on average and wait staff $25.52. The minimum wage is $23.50. "Our latest remuneration survey reflects a sector that is steadily moving forward," said Marisa Bidois, chief executive of the Restaurant Association. "Despite continued cost pressures and tight operating margins, hospitality businesses are prioritising wage growth and creating structured pathways for career progression." The average hourly wage across the industry was $27.84, she said, up 2.54 percent from the previous year. Salaried roles edged up to an average of $83,415. She said the report showed clear wage progression in both kitchen and front-of-house roles. Entry-level positions started close to the minimum wage, but moved up. Head chefs were earning up to $46.62 an hour and general managers averaging $133,208 annually. Front-of-house roles follow a similar path, with senior management roles reaching $45 an hour or more, she said. Caterers and bar operators were earning some of the highest hourly rates, at $32.95 and $30.90 respectively "Whether you're starting out or already in leadership, there are opportunities to grow and earn more," Bidois said. But Craig Renney, policy director and economist at the Council of Trade Unions said the average rate of wage growth cited in the report was less than the rate of inflation. "At best most workers are standing still." He said the sector had been hurt badly and had not fully recovered since Covid. "We don't have the same number of tourists and people are keeping their hands in their pockets. Everyone has concerns about whether they will have a job." He said it was concerning that people with skills, such as pastry chefs and sommeliers, were still earning only about $30 an hour. "That suggests there is very little return to education or training." People such as bar managers had legal obligations to consider, too, but were not getting much more than the living wage, he said. But he said there were not many restaurants in New Zealand that were sufficiently expensive to pay higher wages. Bidois said, for the first time, operators had reported that wage costs had reached an average 40 percent of outgoings. Renney said there had been little growth in the number of filled jobs in the sector. Since 2019, the number had only increased 4.3 percent. That was about half the rate of all sectors. Gareth Kiernan, chief forecaster at Infometrics, said accommodation and food services wages had not kept pace with an economy-wide increase in wages since the 1970s. "The exception was the very tight labour market during Covid-19, when hospitality wages rose faster - you can even see a little bit of this before the pandemic in 2018 and 2019. Essentially, prior to this point in time, employers in the industry didn't need to pay much because there was a relatively good supply of people to do the work." He said, apart from a rally between 2020 and 2022 due to those issues, average hospitality wages had been generally getting close to the minimum wage over time. "Hospitality pay rates, in relative terms, have actually improved between 2017 and 2022, but this lift is likely to have been driven by the very tight labour market more than anything else, and wage growth has slipped back over the last two or three years as the economy and spending growth have weakened and the unemployment rate has risen. "Putting current cyclical conditions aside, demographic projections suggest that the labour market will remain relatively tight over the medium-term as the population ages, which could create conditions for better wage growth in hospitality than prevailed between the 1980s and mid-2000s. "If the labour supply remains tight across the whole economy over the medium-term, then all industries will need to compete harder for labour, but the squeeze could be tightest in lower-paid industries such as retail and hospitality unless their pay rates lift significantly. "The alternative to paying a lot more for workers is to invest in labour-saving capital instead - we've seen this occurring in retail and hospitality over the last couple of decades already, and there was additional pressure during the pandemic, where QR codes for ordering etc reduced the need for wait staff, for example - so increasing wages is not the only part of the puzzle."
Zawya
18 hours ago
- Politics
- Zawya
South Africa: Select Committee on Security and Justice Recommends of Provisional Suspension and Withholding of Remuneration of Gauteng Magistrate
The Select Committee on Security and Justice has recommended that the National Council of Provinces (NCOP) confirm the provisional suspension from office of Ms SSE Fredericks, an additional Magistrate at the Johannesburg Magistrates' Court, and the determination to withhold her remuneration. Committee Chairperson, Ms Jane Seboletswe Mananiso, said the recommendation to withhold her remuneration is in terms of the Magistrates Act. She went on to say that the recommendation follows its consideration of the Minister of Justice and Constitutional Development's report, tabled in Parliament on 1 July 2025. This report, dated 26 June 2025, was based on advice from the Magistrates Commission following an extended period of unauthorised absence by Ms Fredericks since November 2019, during which she continued to receive full remuneration. The committee previously heard that, the matter was brought to the Commission's attention in April 2024, when the Secretary of the Commission learned of Ms Fredericks' prolonged absence during a departmental leave management meeting. Subsequent investigations confirmed her continued absence from her duties at the Booysens Magistrate's Court, with no official permission or satisfactory explanation provided. Following a series of internal processes—including attempts to engage Ms Fredericks, legal consultations, and correspondence with the Department of Social Development—the Magistrates Commission resolved in June 2025 to recommend a disciplinary hearing and to advise the Minister that provisional suspension and the withholding of remuneration were warranted. Ms Mananiso said the committee found that as Ms Fredericks has been absent from duty since November 2019 without authorisation; while continuing to receive full remuneration, her absence has adversely affected the functioning of the court and the administration of justice. Despite being offered the opportunity to respond, Ms Fredericks failed to make any representations to the Commission. All reasonable avenues to resolve the matter were exhausted before a recommendation was made. She said the committee resolved to recommend that: 'Having considered the Minister's Report concerning the provisional suspension from office of Ms Fredericks, pending the outcome of a hearing into her fitness to hold office as a magistrate, the Committee recommends that the NCOP confirm the provisional suspension of Ms Fredericks. The committee further recommends that the NCOP resolves to confirm the determination to withhold Ms Fredericks remuneration pending the outcome of the hearing into her fitness to hold office as a magistrate,' emphasised the Chairperson. The committee also adopted the reports on two other magistrates. The committee recommended to the NCOP confirm the provisional suspension from office of Ms TF Kekana, an additional District Court Magistrate at Secunda, Mpumalanga pending the outcome of a misconduct hearing into her fitness to hold office as a magistrate. Ms Mananiso said the committee also recommended that the NCOP resolves not to restore Ms N Naudé, an additional magistrate in the district court at Kimberley, to the office. Distributed by APO Group on behalf of Republic of South Africa: The Parliament.
CNA
a day ago
- Business
- CNA
Concert promoter Unusual apologises for inaccurate directors' remuneration disclosures in annual reports
SINGAPORE: Homegrown concert promoter Unusual on Tuesday (Jul 22) apologised for publishing wrong information about its directors' remuneration in two of its annual reports following queries from an investor group. For the financial year of 2024, the Catalist-listed firm had paid S$100,000 (US$78,198) in fees and S$1.7 million in incentives, among others, to its key management and board directors. However, remuneration disclosures in the year's annual report showed all its seven directors receiving less than S$250,000 each, when in fact Mr Leslie Ong and Mr Johnny Ong, the firm's two founders, earned above S$750,000 that year. In its latest annual report for 2025, the breakdown of compensation showed a header that said 'below S$250,000' despite some of its directors receiving total remuneration that exceeded that figure. Pointing out the discrepancies, the Securities Investors Association Singapore (SIAS), also asked why the firm had dished out S$1.7 million in directors' incentives in the year before a major loss and whether it was impacted by the troubles surrounding its major shareholder mm2 Asia. Unusual reported a net loss of S$22.5 million for the financial year of 2025, a reversal from profits of S$7.7 million in the previous year. In a filing to the Singapore Exchange on Jul 22, Unusual said 'the sub-headings in the tables showing the directors' remuneration were not correct in the company's annual reports'. It added that it had issued corrected figures of its directors' remuneration via a bourse filing on Jul 21, and apologised 'for any confusion that may arise'. 'Moving forward, we will take steps to strengthen the review and validation process to prevent such occurrences in the future,' said the firm, which was the concert promoter for Hong Kong Heavenly King Jacky Cheung's concert here in 2023 and most recently, Mandopop veteran Wakin Chau and Japanese pop legend Ayumi Hamasaki. On its financial losses, Unusual attributed this to several factors: a lower number of projects completed during the year; an increase in 'fair value loss on financial assets' due to the firm's decision to pivot away from certain genres in line with changing market conditions and evolving audience demand; as well as higher show fees and operational costs. Asked by SIAS if the awarding of S$1.7 million in directors' incentives in the year before a major loss may raise concerns about the company's governance and the integrity of its performance-based pay, Unusual said the incentives were 'determined based on performance metrics and contractual entitlements applicable at the time, taking into account the business environment and contributions made by the executive directors'. It added that the losses in 2025 were due to 'unexpected changes in the industry and broader operating conditions, which could not have been reasonably foreseen'. That said, the firm's board 'acknowledges that this may raise questions about perceived alignment between short-term incentives and long-term outcomes', and its remuneration committee 'will refine the remuneration structure to strengthen alignment with long-term performance'. This includes incorporating appropriate safeguards, performance conditions and accountability mechanisms to protect the interests of all shareholders, Unusual said. CONCERNS ABOUT MM2 Unusual, founded in 1997, counts entertainment firm mm2 Asia as its major shareholder. The latter owns 51 per cent of Unusual Management, which in turn holds 76.88 per cent of Unusual. Mainboard-listed mm2 Asia, which also owns Cathay Cineplexes, has been in the news for financial woes sparked by its struggling cinema operations. The entertainment firm has recently said it is mulling several options – including winding up the cinema business – to address its financial challenges. On whether mm2's financial issues have affected Unusual and what financial safeguards are in place, Unusual said that the issues presently faced by mm2 Asia 'is peculiar to itself and has nothing to do with the company'. The management of Unusual is also 'separate and independent' from mm2 Asia, it said. Mr Melvin Ang, founder and executive chairman of mm2 Asia, currently sits on the board of Unusual as an non-executive chairman and non-independent director. In response to further questions from SIAS, Unusual said that the group's recent pivot away from certain content genres, such as family-themed projects, was a 'commercially-driven or market-focused decision' that had nothing to do with mm2 Asia. On questions surrounding mm2 Asia's stake in the firm and whether Unusual's board would consider new strategic investors, the homegrown concert promoter replied that its board and directors has, from time to time, responded to 'queries from various parties, including possible strategic investors, on collaborations in various forms'. It added that it 'is open for discussion on any initiative(s) to bring the company and group to greater heights' but it would 'respectfully desist from making any comments on the possibilities and eventual outcome related to mm2 Asia's stake in the company'.
Yahoo
6 days ago
- Business
- Yahoo
Transfer of shares held by Verkkokauppa.com Oyj for the payment of the remuneration to the Board of Directors - change in company's treasury shares
Transfer of shares held by Oyj for the payment of the remuneration to the Board of Directors - change in company's treasury shares Oyj STOCK EXCHANGE RELEASE 18 July 2025 at 12:00 EEST Based on the resolution of the Annual General Meeting held on 8 April 2025, Oyj has today transferred a total of 37,009 treasury shares held by the company to certain members of the Board of Directors as part of the annual fees of the Board of Directors. Samuli Seppälä's annual fee will be paid fully in cash. According to the resolution of the Annual General Meeting, as a rule, 50 percent of the annual fee will be paid in Oyj shares either purchased from the market or alternatively by using treasury shares held by the company. After the transfer of the shares, Oyj holds 49,336 treasury shares. The resolutions of the Annual General Meeting were announced as a stock exchange release on 8 April 2025. For more information, please contact: Klaus Korhonen, Head of Legal Tel. +358 50 32 555 28 is an e-commerce pioneer that stands passionately on the customer's side. accelerates the transition of commerce to online with Finland's fastest deliveries and ultimate convenience. The company leads the way by offering one-hour deliveries to more than 1.7 million customers, a winning assortment and probably always cheaper prices. Every day, the company strives to find more streamlined ways to surpass its customers´ expectations and to create a new norm for buying and owning. was founded in 1992 and has been online since day one. The company's revenue in 2024 was EUR 468 million and it employs around 600 people. is listed on the Nasdaq Helsinki stock in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Irish Times
17-07-2025
- Business
- Irish Times
More than 270 NTMA staff given performance-related bonuses last year
The State's debt management agency, the National Treasury Management Agency (NTMA), is generally considered as one of the best remunerated in the public sector. The agency's annual report for last year, which was launched by the Minister for Finance Paschal Donohoe on Monday, shows that there were 214 staff earning €100,000 or more, in what are described as short -term benefits. The report says the agency's remuneration model is based on 'confidential, individually negotiated employment contracts, with competitive, market-aligned remuneration'. 'The typical remuneration package comprises a fixed base salary, pension entitlement and provision for discretionary performance-related pay. In a limited number of cases, other allowances or benefits are paid.' READ MORE The report reveals that more than 270 personnel received bonuses under the agency's performance-related pay scheme. 'The NTMA made performance-related payments to 271 employees in 2025 in respect of 2024. These payments, in aggregate, totalled €2,584,729. 'The highest individual payment was €30,000; the lowest individual payment was €1,000.' The report reveals details on the planned wind down of the National Asset Management Agency (Nama) which operates under the protection of the NTMA. It reveals that as part of this process, some 75 staff will be placed on 'garden leave' of up to six months. Nama commenced its final voluntary redundancy scheme (VRS) in 2024 and this will cover about these 75 employees assigned to the agency.
