The ballot for the proposed RBA Workplace Agreement 2021 has been completed and a majority of voters accepted the proposal. While the draft agreement will now go through the Fair Work Commission approval process, the Bank has announced it will apply the base salary increase for eligible staff on pay day this week.
This means a 1.9 per cent base salary increase and retention of the performance bonus payment for the 2020/2021 year. For 2022 we will receive a guaranteed 2% base salary increase to replace the performance bonus arrangement and an additional base salary increase based on WPI (as at July 2022).
Congratulations to all members who participated in the bargaining process. Our actions moved the Bank on a number of key issues.
In particular, the Bank has agreed to move away from the Federal Government’s wage policy that locks workers into unknown pay increases over a three-year period. By agreeing to two years duration, with additional commitments on salary adjustments, we now have more certainty around pay over the life of this agreement.
While there are some positive outcomes, there are also further improvements to be made at the next round of bargaining. There is more work to do, for example, if we are to win full independence from the Federal Government’s restrictive wage policy.
We are ready to take up this challenge and believe we can achieve this by acting together.
Not a member yet? Join with your colleagues today at www.fsunion.org.au/join
Your FSU Bargaining Team