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Employers are arguing that the award should be varied to include an ‘exemption rate’ clause. This clause would allow employers to pay employees an annualised salary (a flat rate), which would replace things like allowances, overtime, penalty rates and annual leave loading. 

The kicker is that this annualised salary would have 50 hours built into our normal working week. This means we could be expected to work an additional 12 hours per week. 

This change, if accepted by the FWC, would result in a complete winding back of our entitlements we’ve worked so hard to secure and which we rightly deserve. 

‘No way I would accept this’ 

FSU members have been here before. A few years ago, Suncorp tried to outsource their Motor Claims team to the Philippines, which would have seen these employees lose up to $27,000 a year in penalty rates.  

FSU members fought back and won. Ben Lowndes, FSU member and Rep at Suncorp, was one of those employees who stood to lose a huge chunk of his income. 

“Penalty rates mean a lot to me and everyone who is entitled to them – they make up about 35 – 40% of my wages,” said Ben. 

“Without them I would find it hard to live and would need to get a second job. 

“When I got my home loan, I was only accepted by the bank due to receiving my penalty rates. 

“There’s no way I would accept a salary in lieu of penalty rates. Any adjustment to penalty rates and loadings would affect my financial prosperity, making me less resilient to any lifestyle changes.” 

Another fight on our hands 

While we were successful in protecting penalty rates for Suncorp employees back then, it looks like all finance workers may have another fight on our hands. 

To add salt to the wound, employers are trying to justify their actions by arguing that award requirements to record work hours are “highly impractical and undesirable”, and that working from home arrangements make recording office hours unworkable. 

Translation: employers don’t want the hassle of having to adhere to the BFI Award. They’d rather do things their way.  

Make no mistake, big business would not be proposing this ‘exemption clause’ unless they thought it would boost their profits. 

FSU members will fight this every step of the way. It’s the clearest sign yet that banks and big business are trying to implement Peter Dutton’s industrial relations agenda and strip away our workplace rights and conditions. 

Peter Dutton and the LNP went after penalty rates for hospitality and retail workers when they were last in government. Now they’re coming after ours. 

The upcoming federal election is our opportunity to push back and make sure Dutton and employers don’t get their way. You can get involved here.