Cba-ers Have Time On Their Hands
Sydney Morning Herald
Sunday August 7, 1994
Looking to pick up a gold watch? You might be able to talk the Commonwealth Bank into getting you one - cheap.
The Commonwealth has just renegotiated a contract with a supplier of high-class watchmaker, Omega, to supply what has been estimated at 2,000 gold watches, costing a total of $2.5 million at retail prices.
That's a lot of chronographs.
But the bank feels it is just reward for employees with 25 years' service -reduced from the 40 years it previously took to join the gold club.
The change in policy has created a backlog of Commonwealth staff due to receive the Omega DeVille watches, priced by Angus & Coote at $1,250 apiece.
The general manager, personnel, at the Commonwealth, Mr Philip Levy, was distinctly coy about the numbers involved but did say that the move had been well received by the staff.
Those retrenched or who had left the bank in the recent past have also been sent letters informing them of their eligibility to share in the gold strike.
There have been apocryphal stories circulating the bank that the supplier had to step up its imports to meet demands.
"I believe that it is a very significant order but I doubt it would strain the resources of Omega itself," Mr Levy said.
"With these sort of things the actual method of presenting the gift is at least as important as the gift itself."
In an innovation for the Commonwealth, the staff (or ex-staff) members are now allowed to nominate either a male or female model Omega DeVille -regardless of the sex of the employee.
Mr Levy said some of the staff had picked up similar watches in their long service with the Commonwealth, so the Omega DeVille could be better utilised by being given to a loved one.
The Commonwealth's accountants might now be scratching their heads on how to define the gifts - a one-off restructuring cost or perhaps a mineral investment.
The retrenched staff that receive the watches may not get a golden handshake, but at least they'll have a golden wrist. And if you see an Omega DeVille in a pawn shop in the next few years, check the back - it could be the fruits of 25 years hard labour.
© 1994 Sydney Morning Herald