October 30, 2020

Pay Cut Watch ’20: KPMG New Zealand Ends Employees’ ‘Salary Sacrifice’ Early

Kiwi Klynveldians recently got some good news:

Accounting firm KPMG has ended its Covid-19 salary sacrifice two months early, citing a better workflow than expected.

In April, BusinessDesk revealed KPMG had asked staff to take a 15 per cent pay cut, calling it a “salary sacrifice”, because it didn’t qualify for the government wage subsidy.

The firm also said it would cut partner drawings by 20-40 per cent, in line with EY and PwC. However, those other firms have not disclosed how much their reductions are.

KPMG’s salary sacrifice meant staff who earned more than $55,000 a year were asked to reduce their salaries by 15 per cent from May to August, in return for 12 days of special leave.

KPMG staff back on full pay after Covid 19 salary cut [New Zealand Herald]

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