Over the last few weeks we have seen several announcements in the finance industry relating to underpayments of staff. As a result, the FSU wrote to Westpac outlining our concerns and requesting an urgent review of payroll systems to ensure staff are receiving their correct pay and entitlements.
Following our correspondence, we have met with Westpac – they have confirmed a full analysis of the payroll systems has uncovered underpayment issues relating to long service leave calculations and payments affecting eight thousand current and former employees.
Westpac estimate the total cost of underpayments is about $8 million dollars. They will notify impacted employees in writing.
There are still some details that need to be checked before any underpayments can be made to affected staff. It is critical that long service leave calculations are checked for all staff regardless, and measures are put in place so that staff have confidence that they are receiving the correct entitlements.
Are you entitled to repayments?
If you are a current or former Westpac Group employee and answer yes to any of these questions, you may be in scope:
- Have you changed the number of hours you work in the last 7 years?
- Have you worked for St George, BankSA, Bank of Melbourne or BT?
- Have you worked for 5 or more years?
We will be working with Westpac over the coming weeks to make sure you receive your correct entitlements. Make sure you keep an eye out for further information.
Please share this update if you know someone else who might be impacted.