Bankwest: Staff are being ripped off

8 March 2022

Bankwest staff have resolved to fight for a better pay deal after the bank refused to increase its offer, which would effectively deliver a pay cut for 1800 workers.

Finance Sector Union members are demanding parity with their colleagues in the CBA Group who have secured higher pay in their latest Enterprise Agreement.

CBA workers won a 3.25 per cent pay rise in the first year followed by three percent a year after that. Wholly-owned subsidiary Bankwest is offering only a three percent payrise in the first year, following by further increases of three percent.

Finance Sector Union Local Executive Secretary Di Marshall said this was a disgraceful attempt by Bankwest to short change its employees.

Last month CBA chief Executive Matt Comyn predicted the Australian economy was about to be hit by inflation over the next year.

Mr Comyn told analysts: “Our economists do expect underlying inflation to average 3% to 3.5% in 2022, which is above the top end of the RBA’s target range.” (CBA Results Briefing 9 Feb 2022)

“If the CBA is so sure workers’ pay is going to be impacted by the global inflationary trend, then it is dishonest of the CBA and Bankwest to offer workers a wage increase of three percent,” Ms Marshall said.

“Bank workers are happy for their employer to earn big profits but they don’t want to contribute to the bank’s bottom line out of their own pay packets.”

“The current offer is clearly unacceptable and following years of low wage growth, our members now expect pay rises of 3.25% each year just to keep up.”

“This paltry pay rise will put bank workers and their families into financial stress as prices rise and their incomes fail to keep pace.”

Ms Marshall said the CBA Group’s exploitative Pay Secrecy policy, which prohibits workers from discussing their salary and bonuses with colleagues, is estimated to be “robbing” staff of $500 million a year, which makes this offer even worse.

“The CBA and its subsidiaries are the only banks maintaining this appalling secrecy policy which is another example of how the CBA Group operates.”

“Every decision the CBA makes is good for the bank and bad for bank workers.”

Media contact John Hill 0412 197 079

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Authorised by Julia Angrisano, National Secretary