News that the CBA has shifted performance measures for executives while denying hundreds of employees the same consideration has angered the Finance Sector Union.

“The double standard here is plain for all to see, and is monstrously unfair,” said FSU National Secretary Leon Carter.

More than 500 CBA employees have written to bank management asking for “unreasonable and unfair” targets and performance objectives to be reduced but to date CBA has refused to vary targets for these workers, insisting the “targets are achievable and will motivate our people to do their best work''.

In contrast, the CBA board has “exercised its discretion” to award $8.5 million bonus payments to executives, even though the performance criteria for executives has not been met.

“It is sheer hypocrisy to relax the rules for those at the top in order to further inflate the excessive earnings of executives while minimum wage workers bear the brunt of unrelenting sales target pressure with no relief in sight, and no guarantee of decent pay increases or performance bonuses,” said Leon Carter.

“This is a real slap in the face to the bank’s loyal workforce, the people who deliver service to customers day in day out, and make the bank as profitable as it is,” said Leon Carter.

Ends

Spokesperson:        Leon Carter              0409 946 597

Media:                    Leanne Shingles        0423 821 773