Fletcher Building senior executives have agreed to increase their pay cuts to 30 per cent after staff said they were bearing the brunt of the financial impacts of Covid-19. READ MORE:* Worker's wife writes open letter to Fletcher Building chief executive Ross Taylor* Sir John Key says 15 per cent pay cut too low for Fletcher executives to take* Fletcher Building staff say they feel pressured by short consultation timeframe* Fletcher proposes 'massive' pay cuts in 12-week planSUPPLIED Fletcher Building reported an annual profit after-tax of $164 million for the year ending June 2019. Employees, and former Prime Minister Sir John Key, said senior executives taking a 15 per cent pay cut was too low. "Consultation is about listening to our people and based on the feedback from affected employees, Fletcher Building will implement further changes to its earlier proposal. The bosses might have taken 30 per cent pay cuts, but [the workers are] still the ones who have had to take big pay cuts on their $50,000 salaries."

Source: Stuff April 06, 2020 00:40 UTC