Michael Hill may spend up to $25 million on staff underpayments

Company News

by Rachael Jones

Jeweller Michael Hill International (ASX:MHJ) is set to do a full remediation program after a review of retail employment contracts showed many staff were underpaid in the range of $10 million to $25 million.

The company fell short of requirements of the General Retail Industry Award for a number of their store-based workforce in Australia.

The Company has now started a more detailed review of all employee records, rostering practices and payments.

Newly appointed chief executive Daniel Bracken instigated the review, and worked with PriceWaterhouseCoopers to complete it.

It is not anticipated have any material impact on the underlying earnings of the Company for FY20 or any future financial years.

Shares in Michael Hill International (ASX:MHJ) closed 0.88 per cent higher at $0.57 yesterday.