AMP offshoring Aussie jobs in ‘essential' decision: ‘Cheaper labour costs'
The Finance Sector Union told Yahoo Finance that impacted AMP jobs would include 10 customer service roles and six specialist home loan roles. AMP told impacted workers they would be able to apply for 5 new roles within the company.
'This is a terrible outcome for AMP workers and their families, and for AMP customers,' FSU national assistant secretary Nicole McPherson said.
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'These roles are in customer service as well as helping AMP customers with their home loan. Once these jobs go offshore, when AMP customers call for assistance, they won't be speaking to someone in Australia.'
FSU said it asked AMP directly whether it was seeking cheaper labour costs by sending the Aussie jobs offshore. AMP reportedly replied 'correct'.An AMP spokesperson told Yahoo Finance it was "grateful" for the contribution of impacted workers to the business.
"These changes, though difficult, are essential as we simplify AMP's business and ensure we are best placed to continue to deliver competitive products and services for our customers," the spokesperson said.
"We are supporting our impacted employees through redundancy packages and resources to help them find new opportunities."
AMP's underlying net profit after tax was up 15.1 per cent to $236 million for the 2024 financial year.
Its statutory net profit after tax - which is the traditional form of profit - slumped to $150 million, a drop of 43 per cent from the previous year. The company attributed this to loss on the sale of its Advice business and business simplification spend.
AMP Bank, which accounts for a quarter of the company, also posted a 22.6 per cent decline in profits to $72 million.
FSU said it was campaigning with AMP workers to bargain for a new enterprise agreement, after it expired last year.
It noted that last year, AMP halved the cap on redundancy pay without consultation with workers.
McPherson said the union had 'serious concerns' about AMP stripping down workers' conditions.
'AMP's CEO boasts of their commitment to 'simplification and cost reduction' which in the absence of employee protections is ominous for its workers,' she said.
It comes after Westpac confirmed it would be offshoring 190 jobs from its mortgage operations, institutional banking and customer solutions areas, sparking some concerns over the security of customer data.
A Westpac spokesperson said the changes represented "about half a per cent" of its workforce. The bank said it would try to keep as many employees within the company as possible, including through retraining and redeployment.Sign in to access your portfolio
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