AusPost: $168,000 Bonus Payments Weren’t Bonuses At All
Australia Post has defended the average bonuses of $168,000 for employees earning between $300,000 and $400,000 a year, with chair Lucio Di Bartolomeo saying: “We certainly don’t see them as bonuses at all.”
Before you fall apart laughing, let him explain:
“Their contractual arrangements around remuneration provides two components of remuneration One is fixed and… irrespective of performance and another part is payable subject to performance.
“Clearly performance outcomes from year to year may well see different payments being made.”
This is clearly a bad look, following the controversy surrounding former chief executive Christine Holgate, who was unceremoniously forced out of the company after she gifted four Cartier watches to the value of $20,000 to executives as a performance bonus.
“I was humiliated and driven to despair. I was thrown under the bus so the chairman of Australia Post could curry favour with his political masters,” Holgate said of her dismissal, which was presented as a resignation. Holgate was later awarded a $1 million severance pay by Australia Post who “regretted the difficult circumstances surrounding Ms Holgate’s departure”.
Di Bartolomeo claims these non-bonuses were to attract “quality people” to the organisation.
“Our packages generally speaking lie in the bottom and second bottom quartile, generally below median and certainly nowhere near above anyone’s above median,” he said.
Tasmanian Labor Senator Anne Urquhart pointed out the rise in various executive bonuses were six times the rate of inflation.