Consolidation on track but pay offer falls short

P&N Bank has proposed to offer an annual wage increase of 1.5% or CPI (capped at 4.5%), whichever is greater, under a proposed new enterprise agreement currently being negotiated between the bank and your union, the FSU. The offer is lower than what other mutual bank’s have got in their enterprise agreements.

A quick comparison shows the following:

Enterprise 2019 2020 2021
Unity Bank 2.4%
Police Bank 2.75% 2.75% 2.75%
Hume Bank 2.5% 2.5% 2.75%
Teachers Mutual Bank 3% 3%
Service One Mutual 3.5% 3.5% 3.5%

This will be the first time that employees of bcu and P&N Bank will be covered under one enterprise agreement. The FSU has requested that the more generous conditions out of the two enterprise agreements that currently cover employees in the East Coast (bcu) and the West Coast (P&N Bank) be included in the proposed new agreement.

The FSU, on behalf of its members, has tabled a Log of Claims. The bank will respond to the claims in the next meeting scheduled for Monday 9 August 2021.

To view the FSU’s Log of Claims, click here!

We would like to hear from – you can send your feedback/view on the pay offer to one of your FSU bargaining team members:

Mia Perring:
Laura Richards:
Diane Hawkins:

In unity,
Your FSU Bargaining Team


Authorised by Julia Angrisano, National Secretary