4 Sep 2019

Nearly 6000 Fonterra staff to miss out on bonuses and pay rises

3:12 pm on 4 September 2019

Dairy co-operative Fonterra is freezing the pay of its top paid staff for the next 12 months.

Fonterra's interim chief executive Miles Hurrell discussing the annual results.

Miles Hurrell Photo: RNZ / Dan Cook

Chief executive Miles Hurrell has emailed staff that all salaried employees on individual contracts earning more than $100,000 a year will get neither bonuses nor pay rises in the year ahead.

"This has been a tough call, but it's also the right one," he said in the email.

"Together as a co-operative we must do what's right, working together to reset our business and get us back to a position where we can be proud of our financial performance."

Fonterra has more than 6000 staff earning $100,000 or more, according to its most recent annual report.

Recently Fonterra slashed the value of its business by writing down the value of its operations by up to $860 million.

It releases its annual result next week and has forecast a loss of between $590m and $675m.

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