Last week, you spoke up and sent us dozens of strong and united responses telling us why all MyState employees deserve a 3% pay rise for 3 years, back paid to October 2020.
You trusted us and shared your valuable experiences about how hard you work for MyState and the effort you put in during a global pandemic.
MyState refused to change their pay offer.
The bank has been telling us they cannot afford a 3% pay increase in each year of the Agreement or backpay to October 2020. So we asked MyState how much a fair pay increase for you would cost.
MyState first refused to give us this information, suggesting it was confidential. Then they told the cost of their proposed pay increases but said they hadn’t calculated the cost of our fair pay increase because it was ‘hypothetical’.
MyState has refused to consider your demand for a fair pay increase, without bothering to figure out how much it will cost the bank.
MyState did give us enough information, however, for us to calculate the cost of a fair pay rise. Using the bank’s figures, we found it would cost the MyState an extra $462 000 to backdate your pay increases to October last year. That’s just 1.5% of MyState’s 30.1-million-dollar net profit from last financial year.
We also used the limited information MyState gave us to calculate that it would cost the bank around $989 000 to increase your pay rise to 3% in 2022 and 2023 for employees in Bands 3-9. If the bank continues to make a $30 million annual profit, that’s just 1.6% of profits each year. We don’t know how much a fair pay rise would cost for Band 1 and 2 employees because MyState won’t tell us.
Does it sound like MyState “can’t afford” to give you a fair pay rise?
MyState still want to push their deal to a vote soon. We need to make sure as many of your colleagues as possible are aware of MyState’s lack of transparency and their unfair offer. Share this email with your colleagues or send them a link to sign up to our MyState Bargaining Updates here.
We are also writing to the MyState board about the bank’s poor consulting practice and their unwillingness to negotiate openly and fairly with you.
Together, we have already pressured the bank to give up their horrific cuts to your redundancy entitlements. Now we need to spread the word and let MyState staff know exactly the kind of deal the bank is about to put to a vote.
Your FSU Team