Westpac is pitching its offer of a 4 per cent wage rise for employees earning up to almost $95,000 directly to its staff for a vote, bypassing opposition from the Finance Sector Union .Westpac, National Australia Bank and Commonwealth Bank all have enterprise agreements that expired this year.
Westpac, which has been renegotiating a collective agreement covering about 30,000 Australian-based staff, on Tuesday said it had failed to reach an agreement with the union, and it would now put its offer to a vote next month. Under the company’s offer, staff earning up to $94,446 would get a 4 per cent pay increase in 2023, and a 3.5 per cent pay rise in 2024. Those earning between $94,447 and $118,057 would get a 3.5 per cent increase in 2023, and a 3 per cent rise in 2024. For higher-earning staff not covered by the agreement, the bank said managers would be reviewing peoples’ pay, and the company would spend more on fixed pay increases than it had in recent years.
The FSU said the proposed offers represented a real wage cut, and about 40 per cent of Westpac staff were not covered by the agreement’s pay clauses. FSU national secretary Julia Angrisano said the union had rejected the bank’s offer, and was maintaining its claim for a 6 per cent wage rise for all bank employees.
Source: News Formal (newsformal.com)
clancyyeates Westpac could ya tie wage increases to mortgage rate rises?
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