Reshaping Reward @ nab

This week you have received information about how your remuneration will change during financial year 2021/22.

The blend between fixed and variable remuneration will change over the coming bank financial year which will see more money allocated to fixed remuneration and less to variable. The system will be rolled out gradually across the business from October 2021 to October 2022. Until your business unit rolls into the new system your current remuneration blend of fixed and variable will continue.

For Groups 1 & 2 employees, the fixed TEC will increase and there will be no variable reward program. For Groups 3 and above the fixed remuneration will increase and variable decrease but there will still be both components to your total remuneration model.

When NAB briefed FSU late last week they emphasized this was not a cost saving measure and they would be spending the same total remuneration spend on the new model as they do now. FSU welcomed this announcement but said we would raise any concerns if we had members who would be worse off under the new proposal.

We need to hear from you

There is a lot in this change and FSU has seen other changes like this in different banks where some employees have lost a significant amount of money via the new system. We don’t want to see this happen again and are committed to working with you and nab if there are any glaring concerns about a loss of income under the new proposal.

While nab have used average payments over the last number of years to calculate the new multiplier, you need to tell us now if you think you will be worse off and provide us with your example here.

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Authorised by Julia Angrisano, National Secretary