THE ANNOUNCEMENT from the New South Wales Treasurer Gladys Berejiklian came as welcome news for jobs in the Illawarra.
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The Treasurer has confirmed that a condition has been put on the Coniston-based superannuation company, which is to be sold off.
The condition will require any potential buyer of Pillar that the headquarters of the business remain in the Illawarra for at least another 10 years.
Pillar is a hugely significant employer in this region, employing around 700 people in the region.
Jobs and job security is a huge issue in this region as it is in many parts of this country, particularly where some of the traditional industries of regions are being challenged like never before.
The Treasurer also announced legislation regarding the sale included a two-year employment guarantee for existing award employees.
“The NSW Government recognises that it is important to keep jobs in the Illawarra – that is why we are including these guarantees in the legislation,” Ms Berejiklian said in a statement released on Tuesday afternoon.
“This provides potential buyers with an incentive to build the business around its Illawarra operations.”
“Private ownership is the best way to secure Pillar’s long-term future in the Illawarra, allowing for the business to grow and benefit from ongoing investment in a very competitive market.
“Ongoing public ownership of Pillar is not in the interests of Pillar, its staff or NSW taxpayers and the Government wants to ensure that Pillar continues to meet the needs of its superannuation clients and members.”
With plans for the sale of the business by the end of the year, this will give families some certainty around their future and further confidence in the region.
OPENING THE GATE
The penalties handed down to the Parramatta Eels have kept the finals hopes of the St George Illawarra Dragons alive somewhat.
The Eels were stripped 12 premiership points and hit with other sanctions following salary cap breaches dating back to 2013. While it's still difficult, it’s not unachievable for the Dragons.
They are currently in 11th position with a 4-5 win-loss ratio and need a win over the Canberra Raiders on Thursday night.
