New Zealand’s Racing Industry Transition Agency (RITA) will cut 230 jobs at the Totalisator Agency Board (TAB).
New Zealand.- New Zealand’s Racing Industry Transition Agency (RITA) will cut 230 jobs, including 150 permanent staff, at the Totalisator Agency Board (TAB).
The job cuts are due to the financial impact of the Covid-19 pandemic, despite New Zealand managing to curb the spread of the virus better and faster than other countries.
RITA said that the cuts will apply to 30 per cent of all TAB staff and estimate that it will provide annual cost savings of more than NZ$11million (US$6.8million).
TAB monthly revenue is almost 50 per cent below forecasts and customer numbers are down more than 35 per cent.
RITA Executive Chair, Dean McKenzie, said: “There are incredibly talented, experienced and committed people at the TAB who have delivered so much to our customers and the wider racing industry over many years. We will be very sorry to see them go.
“We have had to make some tough decisions as we focus on the essential parts of our business that generate the funding required to keep the racing industry and many National Sporting Organisations running.”
Earlier in May, New Zealand’s racing industry was provided with a multi-million emergency support package, with part of the funding going to RITA.