A pay equity project negotiated as part of enterprise bargaining between the FSU and ME Bank kicks off today, on the eve of Equal Pay Day.

“With the gender pay gap in the finance sector exceeding the overall pay gap in Australia, the importance of initiatives such as these can’t be overstated, and we welcome ME Bank’s commitment to this process,” said FSU National Secretary Leon Carter.

While the overall gender pay gap in Australia is 18%, the gap in the finance sector is 28% - the worst in the country.

“We must get to the bottom of this issue, to not only gain a better understanding of why this pay gap exists, but to also develop solutions, for the good of the whole finance sector,” said Leon Carter.

Together with the FSU, ME Bank is prepared to delve deeper into its systems and pay outcomes to identify causes of pay inequity, engage staff in an examination of the work environment, and recommend improvements to overcome the pay gap for their 700 employees.

ME Bank CEO Jamie McPhee said "ME Bank welcomes the opportunity to work with the FSU on understanding the gender pay gap.”
 
“ME Bank is committed to gender pay equity," said Mr McPhee.

“The FSU engaged in a similar process with NAB in 2006-07, and we are in discussions with NAB about progress made since then,” said Leon Carter.

The pay equity project has the support of Workforce Victoria.

“This tripartite approach demonstrates the gravity of this exercise, and the parties’ commitment to it and it’s an approach we’d like to replicate across the finance sector, so we can all work towards a better outcome.”

“Workers in the finance sector deserve better,” said Leon Carter.

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Spokesperson:  Leon Carter, 0409 946 597
Media:    Leanne Shingles, 0423 821 773