Most members would have seen AMP have released their 2020 financial results and progress statement.
In this statement AMP has also acknowledged the good progress they have made but that they have more to do in the transformation of their culture, and we wholeheartedly agree.
Although AMP has had a tough year with varied financial results, they have noted they are not able to pay bonuses or salary increases at the same levels as in the past for most employees.
That said, AMP recognise they have a legal obligation to some employees who are covered by the Union negotiated EBA’s and will receive the following:
• AXA EBA – employees covered by this agreement may be eligible for a 2.5% fixed pay increase, subject to conditions.
• AMP-GIO EBA – employees under the AMP/GIO agreement who have not received a fixed pay increase in the prior 23 months may be eligible for an increase, subject to conditions.
The amount of the increase is set under specific terms in the EA.
• AMP-GIO EBA – all eligible employees who achieve their agreed performance outcomes will receive a bonus payment.
This is a huge win for all those covered by these EBA’s and a demonstration of the strength of AMP Union membership.
Francesco De Ferrari, Chief Executive Officer is holding a live event this afternoon and answering employees’ questions and we encourage members to attend.
AMP have also given an indication that the sale of AMP to Ares has halted. Ares do not intend to pursue their proposal to buy the whole company. However, AMP continue to engage constructively with Ares in relation to AMP Capital and will review their options while continuing to explore partnership options.
The union will also keep a close watch on this update and will remain in close contact with AMP as discussions continue.