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FSU members secure final wins in Allianz BPA negotiations

This week, FSU members came together to discuss the final improvements to our new Allianz Australia Group Business Partnership Agreement (BPA), and the response was overwhelmingly positive.

Annual payment (annual leave loading) for employees currently on the Westpac EA: A payment would be made for 2024 and then be loaded into the base salary of these ex-Westpac employees on a one-off basis. This is in addition to the improvements we’ve already secured over the past few months, and is a direct result of your feedback and engagement on the ground.

Our latest improvements include:

  • A bigger salary pool: Now 10% over three years (4% in year one, 3.25% in year two, and 2.75% in year three). The eligibility threshold remains at $180K annual salary. This additional 0.5% accounts for the realignment of salary increase payments to March/April 2025.
     
  • Guaranteed minimum pay rises: Boosted to 7.5% over three years (3% in year one, 2.5% in year two, and 2% in year three). This is a significant improvement from Allianz’s initial offer of just 3% for the entire period. We’ve also negotiated that the $100K salary threshold will now be indexed to these increases in years two and three.
     
  • Increased paid parental leave: Parental leave has been boosted to 18 weeks – up from Allianz’s previous offer of 16 weeks and well beyond the 12 weeks currently in the BPA.
     
  • Annual payment (annual leave loading) for employees currently on the Westpac EA: A payment would be made for 2024 and then be loaded into the base salary on a one off basis. Alongside this, we’ve secured the protection of key entitlements, including redundancy, compassionate leave, wellbeing days, and transition to retirement entitlements.
     

Allianz has indicated they will soon put the proposed BPA to an all-staff ballot. To secure these significant improvements, our FSU bargaining representatives and the FSU Representative Committee at Allianz Australia have agreed in principle to the overall package and recommend it to members.

You can find a summary of all changes here.

What’s next?

Our next meeting with Allianz management is scheduled for 23 October, where we will report back on the feedback from member meetings. Look out for further updates after next week’s meeting.

Your voice matters. If you haven’t had the chance to attend an FSU meeting, please share your feedback on these final improvements here.

Join the FSU today and be part of the team that’s fighting for better pay and conditions.

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