Australia-based jewelry retailer Michael Hill plans to pay staff members up to a total of $25 million AUD (US $17.5 million) to make up for underpayments that occurred over several years.
The review was initiated by CEO Daniel Bracken and conducted by PricewaterhouseCoopers, Yahoo Finance reports. The review found a “historic misapplication” of the retail industry award rate, mandated by Australia’s federal government, for some staff members in Australia.
Rapaport News quoted Bracken saying, “When we identified there was an issue, I mobilized a team, supported by independent external experts, to determine the scale of the problem, identify the individuals affected, and to ensure full compliance with the award going forward.
“We will move as quickly as possible to rectify any underpayments with those team members affected.”
The total cost of the repayment is expected to be between AUD $10 million and AUD $25 million, according to Yahoo Finance.
Michael Hill has about 2,600 employees in 312 stores throughout Australia, New Zealand and Canada.
The company announced in April 2018 that it was closing its nine U.S. stores after failing to find a buyer for them.
Read more at Yahoo Finance