Media release

The Finance Sector Union (FSU) says hundreds of jobs have been cut at life insurer Acenda following its merger of MLC Life and Resolution Life Australia, with workers warning the cuts are being rolled out without proper consultation.

Since the merger late last year, Acenda has implemented multiple rounds of job cuts affecting around 280 roles, with further cuts feared across the business.

The first tranche saw approximately 85 upper middle management roles cut, followed by around 150 lower middle management roles, and a third round of more than 50 further redundancies.

The union has now heard reports of further job cuts.

The FSU says the job losses have occurred across almost every department in the business.

Workers say the cuts have been handled chaotically, with the union only becoming aware of some of the redundancies as staff were being told they had lost their jobs.

The union says the majority of redundancies appear to have affected workers from the MLC Life side of the merged business, raising concerns among staff about how the integration is being managed.

Workers say anxiety is growing inside the company as rumours circulate about further job cuts.

The FSU has initiated a formal dispute with Acenda over the company’s failure to properly consult workers on major workplace change.

The union is demanding that Acenda provide transparency on the scale of job cuts and to commit to proper consultation with workers before any further restructuring takes place.

Finance Sector Union National President Wendy Streets said:

“Acenda workers are facing round after round of job cuts with very little information about what is happening next.

“Workers deserve transparency and genuine consultation when major changes are happening to their jobs and their livelihoods.

“Enterprise agreements require employers to genuinely consult with workers when significant changes are proposed.

“The way these job cuts have been handled raises serious questions about whether Acenda is meeting those obligations.

“Workers deserve honesty about what the future of the business looks like and a seat at the table when decisions are being made about their jobs.”