Harvey Norman Gets Million In Government COVID-19 Handouts
Harvey Norman has been handed a massive NZ$12.7 million in Government handouts following the outbreak of the Coronavirus.
The New Zealand Government has also handed out millions to Noel Leeming NZ12.09M, Kmart, $11.9M, Target NZ$63,266,40 while JB Hi Fi who has several closed stores in New Zealand has got no Government handouts.
According to data on the Ministry of Social Development’s web site the New Zealand Warehouse Group was paid almost NZ $52 million one of the largest payments to a retail group.
the money was claimed to support more than 8500 workers.
In the case of Harvey Norman, the $12.7M was paid to support 1,850 workers, Kmart, 2077 workers, Target 9 and Noel Leeming, 1833 workers.
At this stage it’s not known whether JB Hi Fi is supporting their workers instead of claiming a Government handout.
Recently Harvey Norman told the ASX that they were not going to pay $148M in dividends and that executive pay was set to be cut by 20%. Katie Page the CEO was set to see her $3.5M salary cut by around $59,000 for the three months, she will now only take home $233,280 a month before tax.
Other Harvey Norman executives earning over $2.5M a year in salary packages are set to salary cuts of less than $40K.
Meanwhile shareholders are going to have to go without any handouts from the big CE and appliance retailer.