The Finance Sector Union (FSU) is appalled that senior executives of the CBA are likely to receive millions of dollars in bonuses at the same time staff at the bank are being offered lowly pay rises.

FSU National Secretary Julia Angrisano said it was unfair for staff to be treated so poorly by the bank.

“Staff at CBA have worked incredibly hard this year to help the bank and its customers manage the impact of Covid-19,” Ms Angrisano said.

“CBA staff have made a major contribution to the bank’s healthy profit result and it is disappointing that the current pay offer fails to recognise their hard work and dedication.”

“It’s time for the CBA to recognise that its offer of a pay freeze for some staff while others were being offered 1.5 to 2 per cent in the current EBA negotiations falls far short of staff expectations.”

“The huge bonuses being paid to senior management should be accompanied by fair and decent pay for staff.”

“Matt Comyn is likely to pocket $1.6 million in bonuses, as well as a 14% pay increase in 2020. It is plainly unfair for CBA to expect some staff to agree to no pay rise, while others get a paltry 1.5 or 2 per cent increase.”

“Westpac paid its staff a 3.25 per cent increase and CBA staff believe the bank should be matching the pay rises granted to workers at other banks.”

Ms Angrisano said the remuneration of executives was yet another example by the hypocrisy at the CBA and the double-standards that operate when it comes to a fair pay rise for staff.

Media contact John Hill 0412 197 079

Authorised by Julia Angrisano, National Secretary