This week, RACQ have issued new employment contracts to employees impacted by IAG’s absorption of RACQ’s insurance business. This is the first step in the transition process and once accepted, employees will eventually move across to IAG.
These contracts will only be issued to employees in RACQ’s insurance business whose roles are transitioning to IAG. If your role is staying with RACQ, you will not receive a new contract and there is no change to your employment – you do not need to take any action.
Shortly, IAG will apply to the Fair Work Commission (FWC) to bring impacted RACQ employees under the IAG Enterprise Agreement (EA). The FWC will ensure that no employee is worse off under the IAG EA’s terms and conditions. The FSU will be actively involved in this process, representing members and protecting your rights. We’ll keep members updated as things progress.
It is also important to know that the IAG EA has a broader scope of coverage compared with RACQ. This means some salaried employees who are not currently covered by the RACQ EA may fall under the IAG EA when they transition.
Overall, the new contracts should not result in a loss of conditions. If entitlements in your existing contract are not carried over to the new contract, we encourage you to raise this with your manager or contact your Union for advice and support (see below).
As part of this process, your role is no longer continuing at RACQ – it is continuing at IAG. If you choose not to accept the new IAG contract, you will have effectively resigned from your position and will receive no severance payment.
As a condition of the sale, RACQ and IAG are providing 10 business days for affected employees to accept the new contracts. RACQ have advised they are undergoing a systematic process to ensure all impacted employees have this opportunity. If you are impacted and want to continue in your current role, it’s important to accept the offer within this timeframe.
If you intend to sign the contract but cannot meet the deadline, notify your manager or the RACQ Employment Relations team immediately, or email: [email protected]
This is one of the largest business sales in the finance sector in recent years. The FSU is here to support you every step of the way. If you have questions or need assistance, contact the FSU Member Rights Centre on 1300 366 378.
If you’re not yet a member of the FSU, join today to ensure you receive expert representation throughout this process.
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