The Bank of New Zealand (BNZ) is facing criticism from a workers’ union after removing several employee banking benefits, with the union alleging that the changes were introduced without consulting staff.
According to local media reports, the bank has withdrawn a range of employee perks, including the low equity premium waiver, application fee waiver, benefits for non-personal entities and discounts on variable-rate home loans.
The changes also include the removal of overdraft establishment fee waivers for TotalMoney and YouMoney accounts, monthly fee waivers for foreign currency accounts, and benefits linked to business lending. Benefits previously available to long-serving employees after retirement have also reportedly been discontinued.
The New Zealand Herald reported that employees were informed of the changes through an internal email outlining the revised staff banking proposition.
Workers First Union criticised the move, claiming employees had not been consulted before the benefits were withdrawn. The union said some staff had made financial plans based on these benefits and were affected by their sudden removal.
BNZ confirmed that changes had been made to its employee banking benefits ffrom30 June but said the most widely used benefits remain in place. The bank also clarified that existing benefits would not all end immediately and said it continues to provide support to employees and customers facing financial hardship.
The union argued that the latest changes reflect a broader trend across New Zealand’s banking sector, with financial institutions gradually reducing traditional employee benefits over recent years.
Other major banks indicated that they continue to offer a range of employee benefits. ASB said its package includes leave options, insurance, wellbeing support, banking benefits and flexible reward choices. Westpac said it provides staff banking and superannuation benefits, wellbeing leave, volunteering leave, paid parental leave, financial wellbeing programmes and options to purchase additional leave.
