New 2016 Westpac Agreement in place
Tuesday, 5 January 2016
Stepping up: thanks to FSU members for campaigning hard for the new Agreement.
The new Westpac Group EA is now operational after being approved by the Fair Work Commission in November.
The landmark Agreement decouples targets from pay increases for many employees across the Westpac Group and prompts a long overdue cultural shift in the industry.
The three year deal includes:
• A 3.5% increase in 2016, 3.25% in 2017, 3.25% in 2018 for staff earning up to $75,000;
• A minimum increase of 2% in 2016, 2017 and 2018 (with discretion for more) for staff earning between $75,001 and $100,000;
• A 2% annual pool of funds to be distributed for staff earning between $100,001 and $150,000.
The Agreement also includes a range of additional improvements such as:
• Increased minimum rates;
• Improved leave arrangements such as 10 days paid leave for staff experiencing domestic violence and 10 days paid leave for staff caring for family members affected by domestic violence;
• Superannuation contributions for up to 2 years parental leave, including unpaid parental leave;
• A new common grading structure with 5 bands;
• Stronger redundancy protections.
Authorised By: Fiona Jordan, National Secretary