Union members drive largest finance sector underpayments win ever in Australia

Pay audit about to deliver unpaid wages back to 2012

Last Friday NAB briefed FSU at the same time as they were making an ASX announcement regarding provisions for the underpayments to staff. This announcement of $128 million is the largest underpayment in Australia’s finance sector to date: and it may not end there.

As a result of FSU members raising concerns about several aspects of how they are paid – in particular, the hours issue for Group 3 & 4 staff – NAB announced mid-year they would undertake an end to end audit of the pay system. FSU welcomed this as we believe there are many issues to be uncovered and investigated to ensure all staff are being paid correctly.

Corporate Australia must do better!

The lack of compliance and checking of systems at regular intervals beggars belief, and requires a significant uplift in internal processes to ensure this never happens again. The fact that these issues came to light from complaints from union members, and that workers can’t trust their employer to pay them correctly, is just not good enough. We are calling on NAB to fix these problems once and for all.

NAB is one of our most profitable companies and yet they have been ripping off workers for years. The underpayments will go back as far as 2012 and will be paid to both current and former employees with the appropriate interest as well.

Payments to start before Christmas

Payments to some staff will begin before Christmas, the details of which will be announced to staff in the coming weeks. Following that there will be more payments in the first quarter of 2021, mid-year, and again before the end of the bank financial year of 2021.

FSU will continue meeting with the bank on a regular basis to have clear oversight of what issues are being dealt with at what time – and to ensure that all concerns members have about being underpaid are dealt with throughout this process.

FSU pay audit register

Thousands of current and former members have already signed on to the FSU register so we can work with you to ensure you receive every dollar you are owed over the coming months. If you haven’t already registered do it now at:

If you are in contact with former NAB employees please suggest to them they register too.

Union members win

The new business model of wage theft that is rampant in corporate Australia is only being exposed by the FSU’s pro-active membership base. The FSU has already won back tens of millions of dollars from various finance sector employers (https://www.fsunion.org.au/category/wins/page/2/).

If you’re not a union member but want to make sure your interests are represented and that you don’t miss out on what you are owed, complete the join form or talk to us about your membership options.

Join here: https://www.fsunion.org.au/join/

Call 1300 366 378 to discuss or email fsuinfo@fsunion.org.au 

Authorised by Julia Angrisano, National Secretary