Historic win for working people as $130 billion wage subsidy passes

But there is a sting in the tail
for many bank workers

The Australian union movement had a big win last week with the passing of the JobKeeper Bill. The government has committed $130B to provide six months of wage subsidies. We stood together to demand support for workers and businesses facing down a pandemic, and we achieved a landmark policy victory. Find out about JobKeeper here.

Are finance sector organisations eligible?
Some. The program eligibility guidelines specifically exempt any banking institution that was subject to the Major Banking Levy Act 2017. That means staff from the CBA, NAB, ANZ, Westpac, and Macquarie are NOT eligible for JobKeeper.

Non- Big 4, insurance, and other financial sector organisations
Members working for other banks and finance sector companies should read the information on the eligibility requirements and check the FSU website and Facebook for information updates.

This is unfair, I work for a Big 4 bank: what will they do, how will they look after me, and what can I do?
The government is making the assumption that your employer will develop or has plans to look after you should your employment conditions change. The FSU will continue in its efforts to engage the banks on these issues and to ensure they communicate their plans as soon as possible.  Make no mistake, the Banks are planning for all scenarios. The single biggest and most important thing that you can do is to talk to your non-member colleagues about this issue and join them to the FSU at www.fsunion.org.au/join or pass this update on to them and encourage them to join.

What is the FSU doing?
Our immediate response will be to write to the Banks and seek meetings to discuss the job seeker exemption and seek a commitment that the Banks work with the FSU and Government as part of a tripartite body in securing finance sector jobs for the short and long term. The most important action members can take right now is to speak to your colleagues and urge them to join the Union.

Our strength in facing the future will be in our numbers. I need you to talk to and join your friends and colleagues to the FSU. I need you to talk them about protecting their long term interests and the best interests of their families. I need you to remind them that these aren’t normal times and that the one organisation that they can truly count on and who is there for you is the FSU. And I need you to do this asap.

In Unity,
Julia Angrisano

Contact Details

Finance Sector Union
Ph: 1300 366 378

Authorised by Julia Angrisano, National Secretary