It has also been bought to my attention that apart from not paying into AON the pilots are being further disadvantaged financially by the dropping in the exchange rate between the PNGK and the AUS$
It currently stands at 0.388
And Poxie in it's wisdom varied clause 42 of the 2015 contract without consultation and introduced this (my bold):
(AIR means Average Indicative Rate as at 30th June of the current i.e.
calculated from 1st July of the previous year to 30th June of current year.)
Clause 42 of this Contract is hereby invoked to insert to sub-clause
in Appendix B item 6 of the same Contract to read as follow:
6. Annual reviews will be conducted each year determining the AIR for
the prevailing year. Changes in remuneration will only apply should the
AIR move between 0.4000 and 0.3800. Where changes are applicable
they will be effected on the 1st July every year for the duration of the
contract. This is in line with Company Policy for Employment Contracts
that are based on Australian Dollar
So effectively as the Kina declines nothing will be done until July 2018
So if the spiral continues to say 0.30 they will be working for next to nothing!