Energy top dogs hit with cap
A SIGNIFICANT wage cap is set to be imposed on the energy and water industry's top earners to ease the burden on their customers.
New South Wales Treasurer Mike Baird announced all 20,000 employees of the state-owned corporations will be hit with a 2.5perent a year public service wage cap.
Mid-North Coast bosses will be among those who will share the pain with bureaucrats in Sydney and Canberra.
The cap is expected to return a saving of $413m over the next four years and Mr Baird said the flow on affect will benefit families throughout the state.
"The government is well aware of the burden that increasing power and water bills are placing on households and this is another measure we can take to put downward pressure on those prices," Mr Baird said.
"Recent years have revealed some significant pay increases and bonuses, particularly given the economic climate.
"Just as we have implemented a wages policy across the public service, we expect our state-owned corporations to play their parts by ensuring pay rises are fair and in line with this.
"We are committed to doing everything we can to reduce the impact of electricity and water price rises and significant cost savings can be achieved by bringing wage increases under control."
Other public service departments have been subjected to a similar cap since late last year.
The cap is aimed a stamping out the culture of big bosses giving themselves pay rises.
Last year Ausgrid's chief George Maltabarow received $882,688 following a 14% rise, while Vince Graham from Endeavour received a 7% rise and $727,651.
Companies to be directly affected by the latest cap include Ausgrid, Delta, Endeavour, Eraring, Essential Energy, Hunter Water, Landcom, MacGen, Newcastle Port Corp, Port Kembla Port, State Water, Sydney Water, Sydney Port Corp and Transgrid.