Coniston-based superannuation company Pillar will stay in the Illawarra for at least another 10 years no matter who buys the business, said NSW Treasurer Gladys Berejiklian.
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The government announced in December it would sell off the state-owned entity.
The business employs around 700 people, some of whom were offered voluntary redundancies late last year.
In a move to allay concerns about wholesale job losses for the region should a buyer decide to relocate, Ms Berejiklian said a condition of sale is that the owner keep Pillar in the Illawarra for 10 years.
As well as maintaining its existing member services operations in the Illawarra, the sale’s legislation will include 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.
“This provides potential buyers with an incentive to build the business around its Illawarra operations.”
Ms Berejiklian said keeping the business in public hands “is not in the interests of Pillar, its staff or NSW taxpayers”.
“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,” she said.
The sale of Pillar is expected to be completed by the end of the year.