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In Asia Pacific, financial losses by banks and insurance companies as a result of the sub-prime crisis have been more limited than in Europe and the United States. Nevertheless, the global financial crisis is affecting finance workers. Indeed, bank management in some countries have been reluctant to increase staff numbers and hiring freezes have been officially or unofficially used in some banks (e.g. Australia). However, no major job losses resulting from the crisis have been announced in financial companies.



In addition, some trade unions in the region have reported that employers have adopted a more rigid attitude during collective bargaining negotiations. Affiliates fear that the financial crisis could be used by management to justify cost-cutting measures and layoffs.



Worries have also been expressed about the increasing use of performance pay linked to targets as a result of the crisis. UNI Finance's affiliates FSU (Australia) and Finsec (New Zealand) have been tackling this issue. Both are lobbying for the adoption of Charters on Responsible Lending by banks' management.





Related news:

18/08/2008 Westpac unlinks sales targets from pay

07/08/2008 Finsec recommends overhaul of lending regulation





FSU's brochure on debt stress is available here:







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