AMP

Financial Context

Illustrative wage differential: if the 1,000+ reported offshore roles were instead employed in Australia at average local rates, the additional cost could be in the order of ~$85M/yr (~42.5% of reported net profit). This is an estimate based on industry averages, not company-specific data.

Would this company be profitable without offshoring?

Every dollar paid offshore leaves the Australian economy — reducing local wages, tax receipts, and economic circulation. Why it matters

Financial data: FY2024. Estimate uses avg AU employment cost of $110,000+/yr (incl. super and on-costs) vs offshore $25,000/yr (salary + on-costs). Actual figures vary by role, seniority, and location.

In Plain English

• In 2024, AMP was reported to have 1,000+ offshore contractors and staff.
• This represents ~41.8% when compared to its current workforce of 2,395 (illustrative comparison only — not directly reported by the company).

Based on data from public sources at the dates reported. Figures may not reflect current headcount. See sources below for full attribution.

The Story

• 2023AMP's modern slavery statement revealed approximately 1,000+ workers across India, the Philippines, and Poland supporting back office, IT, and customer support functions. The company uses multiple offshore providers including Infosys and Cognizant. [Modern Slavery Register]
• 2024AMP continued to grow its offshore operations while restructuring its Australian workforce following the sale of its life insurance and wealth management businesses. The company increasingly relied on offshore teams for technology development and customer operations. [AFR]

All facts sourced from public reporting. No editorial commentary. Click source links to verify.