Bendigo Adelaide Bank have announced a 3.5% pay increase to be paid in December 2022. With inflation currently at 6.1% and expected to hit over 7% by the end of the year, this will mean a pay cut in real terms!
This increase has been unilaterally determined by Bendigo Adelaide Bank and will apply to all employees covered by the Bendigo Adelaide Bank Enterprise Agreement 2018 – 2021 including those transferring to BEN Regional Victoria (BENRV).
What is BENRV?
BENRV is the new employing entity that has been established by the bank to take advantage of reduced payroll tax rates currently available to regional employers in Victoria. It’s clear that the bank stands to make considerable savings as their payroll tax bill reduces from 4.85% to 1.2125% for over 1700 employees.
Shouldn’t Bendigo pass some of the benefit from the savings to workers?
You would think so. It is only fair that as the bank makes savings on its payroll tax bill that workers should receive some of the benefit – but the paltry wage increase from the bank suggests otherwise.
What can you do next?
- Tell Bendigo that this is not good enough: Bendigo have said that they will be holding a series of information sessions this week to talk about the pay offer. We would encourage everyone to attend and tell them that 3.5% is not good enough!
- Let us know what this means for you: Share your views about this below inflation pay increase with us and what a pay cut means for you by email to firstname.lastname@example.org
With bargaining for a replacement Enterprise Agreement to occur early in 2023 it is vitally important that all Bendigo Adelaide Bank workers are members of their union. If you know a colleague who is not a member, ask them to join today.
Your FSU Team