A pay cut of 30 per cent for 900 jet pilots has been agreed between their union and Air New Zealand, while 300 pilots will be made redundant. The New Zealand Airline Pilots Association (NZALPA) came to an agreement with the airline on Thursday after weeks of negotiating the cuts required to address the airline industry's "uncertain path to recovery".
Law firm Simpson Grierson has repaid the $2.3 million it received in wage subsidies. There had been criticism of big law firms claiming payouts under the subsidy scheme, which is designed to help businesses that have experienced a 30 per cent or greater reduction in revenue as a result of Covid-19.
AMP has shelved a decision to divest its New Zealand wealth management operations, following the economic disruption of the COVID-19 pandemic.