One Australian bank just gave employees a choice: Come to the office or take a pay cut

"In an internal memo on Thursday, ANZ Group said employees' salaries will be cut if they are not in the office for at least half the working week. A spokesperson for ANZ confirmed the contents of the memo to Business Insider. "Our hybrid working expectation has been made clear to our employees, including potential impact on future remuneration if employees don't have an appropriate exception," an ANZ spokesperson said. They added that the flexible working policy has existed for a number of years."

"Thursday's email to managers referenced a tool for tracking staff members' attendance and how pay brackets would change for people not meeting the 50% in-office requirement. Employees coming to the office less than 20% of the time won't be eligible for salary increases unless they have an exemption. Those who come between 21% and 40% of the time could see their variable pay cut by up to 50%."

"ANZ joins a growing number of companies mandating return-to-office and cracking down on those that skirt requirements. In January, Britain's biggest retail bank, Lloyds, said it would consider office attendance when deciding staff bonuses. The same month, JPMorgan Chase told its employees to return to the office five days a week starting in March, ending a pandemic-era work-from-home policy. Outside finance, some of the world's largest employers, including Amazon, Meta, and Walmart, have instructed employees to come in several days a week or face termination."

ANZ Group requires employees to work in the office at least half the working week and will adjust remuneration for those who do not meet the threshold. Managers received an email referencing a tracking tool and outlining how pay brackets change based on attendance. Employees present less than 20% of the time will be ineligible for salary increases without an exemption. Those attending 21–40% of the time may face up to 50% cuts in variable pay. The bank joins other financial institutions and large employers imposing return-to-office mandates and tying attendance to bonuses and job terms.

Read at Business Insider