Thousands of workers are set to have their pay rises jump to 5 per cent or more this year because of CPI-linked agreements that could shake up years of stagnant wage growth.
CPI-linked pay rises, once popular in the 1980s, are still relatively uncommon, but they experienced a revival duringTransport Workers Union national secretary Michael Kaine said thousands of delivery drivers achieved CPI safety nets in their agreements after taking industrial action, including Toll, Linfox, FedEx, Global Express and StarTrack.
Global Express, owned by private equity firm Allegro, has its uncapped CPI guarantee included in its agreement. “I think this is a day of reckoning,” he said. “At the end of the day, inflation couldn’t be at historical lows for much longer.”Teys corporate general manager John Langbridge said the company wanted to ensure employees’ pay balanced “competitive considerations and cost of living indicators, to deliver certainty for our workforce”.Some EBAs promise 8pc
Other employers affected by CPI-linked pay include CS Energy’s Callide power station in Queensland and Worley Power Services in Victoria, as well as some companies under non-union deals, including Hanson’s construction materials business in South Australia.
This should be the standard, wages linked to inflation, like in the bob Hawke days.
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