The Finance Sector Union and Westpac Bank have concluded negotiations on a new Collective Agreement covering 26,000 of the bank’s employees.

The proposed Agreement, now being considered and voted on by employees, is the first between the FSU and Westpac in almost a decade.

The Agreement provides Westpac, some St.George and Bank SA, BT and Asgard employees with security around wages and conditions, while providing flexibilities that reflect modern banking practices.

It will deliver 10% wage increases to the majority of Westpac employees throughout its 26 month term in exchange for flexibilities around extended hours and weekend work.

Minimum grade rates for bank workers will be adjusted by 8% across the life of the agreement, Paid Parental Leave is increased to 13 weeks, with the statutory regime to be provided in addition to the employer paid component and the parties will have access to independent arbitration to resolve disputes, including around sales targets.

Leon Carter, FSU National Secretary said “This new Agreement for Westpac employees has been a long time coming and it is a credit to union members in Westpac who have stayed the course on demanding a new Collective Agreement in the bank over a long period.

“It provides certainty of wages and conditions for a very large group of employees, something that they have been wanting for some time, as well as recognising the dynamic nature of both the industry and the lives of those working in it.

“Of course, it is now up to members to pass their judgement but we believe that what has been negotiated represents a significant and positive outcome for the 26,000 Westpac Group employees whose wages and conditions it will cover”

“Importantly, providing certainty of wages and conditions and responding to their employees’ demand for a Collective Agreement, places Westpac, as an employer, at a much more desirable level than some of its major competitors” said Mr Carter

Spokesperson:  Leon Carter, National Secretary, 0409 946 597
Media:   Rod Masson, 0408 374 677