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Staff at the Commonwealth Bank of Australia (CBA) have told the Finance Sector Union (FSU) they fear homelessness or financial ruin unless they receive a pay offer that delivers real wage growth.  

More than 3000 CBA workers signed a petition calling on CEO Matt Comyn to improve the bank’s dismal pay offer, with more than 1700 sharing their frustrations and, in many cases, harrowing stories of financial hardship. 

Finance Sector Union (FSU) National Secretary Julia Angrisano hand delivered a letter addressed to CEO Matt Comyn at the bank's national headquarters in Sydney yesterday. 

The letter details feedback from workers about what it’s really like to work at Australia’s richest bank, including crushing workloads and burnout, job security concerns, having to take second jobs and even fears of homelessness as they struggle with the cost of living.  

CBA’s current pay offer would result in around 71% of its Australian workforce receiving a wage increase that is less than inflation in the first year, while around 47% would receive either no guaranteed wage increase or a measly total of 2.5% over the next three years.  

CBA employees are asking for a 5% annual pay increase (or CPI if greater) and guarantees around job security, workplace flexibility and safe staffing and workloads. 

The bank announced a record $11 billion after tax profit last month with Mr Comyn’s remuneration skyrocketing by 30% to $9.1 million.  

CBA’s lowest-paid workers earn only $2.82 per hour more than the national minimum wage ($26.44).  

The bank has also axed 850 Australian jobs this calendar year but has continued expanding its Indian workforce.   

Quotes from FSU National Secretary Julia Angrisano:  

"CBA’s current offer rubs salt into employees’ wounds and only widens the already obscene pay disparity between management and the workers," Ms Angrisano said.   

"I want Matt Comyn to read the thousands of comments we've received and tell everyone that he is okay with how his employees are faring.  

"We should not have working poor in Australia but that is exactly what we are seeing at CBA.  

"Workers turn up everyday to pay the bills, afford a better home and make ends meet.  

"CBA can afford to do better... it's workers certainly deserve better."  

Quotes from anonymous CBA workers who gave their feedback to the FSU: 

• "I could face homelessness if I get one large medical bill, or any unseen expenses. I can't afford to keep up with my medications."   

• "There are no holidays, no eating out, no extracurricular activities for the kids anymore. We are pretty much just breaking even each month holding our breath for the next bill increase or rate rise to send us over the edge." 

• "I would love to see Matt come and do a day at a busy branch and tell us to our faces we don't deserve more!" 

• "Most people think being a bank manager would mean I earn good money, but the truth is I don't think I will ever be able to buy a home on this salary. I am considering working a second job on the weekend again." 

• "We are deeply disappointed that we are not being valued enough as loyal staff." 

• "I have not spoken to a single colleague who is not waiting for their next pay to cover their expenses." 

• “It’s insulting to be offered a ‘pay rise’ which is below inflation - that’s a pay cut.” 

• “They still have the audacity to pay us peanuts while the cost of living continues to hit record highs.”