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Finance Sector Union National Secretary Julia Angrisano said the pay offer fell far short of what employees needed to cope with the cost of living crisis, with only employees paid less than $90,000 guaranteed a pay increase.

Zurich’s pay proposal is for a 9.5% increase over three years (4% + 3% + 2.5%). However, insurer BUPA has recently offered its Level 1-4 staff pay rises of 5% in the first year and 13% over the three year period.

“It is simply not good enough for Zurich to be asking employees to vote on a sub-standard pay increase which falls below BUPA’s latest offer to which we’re still seeking improvements,” Ms Angrisano said.

“How does Zurich think it will attract and retain good staff if others in the insurance sector are paying higher salaries?”

“Our members say they are angry that Zurich has pushed this EA to a vote well before negotiations are completed and that offering less than others in the industry is an insult.”

“Leaving the performance pay system in place for many of Zurich’s staff gives them no guarantee of a pay rise. Having a pay rise totally at the discretion of management offers workers no certainty in this difficult economic climate when costs are going up.”

“Zurich must do better and we are calling on staff to vote NO to this proposal by the employer and get back to the bargaining table and negotiate a fair and reasonable pay rise for all.”

Ms Angrisano said a complicating issue in the new Zurich EA is the need to fairly integrate former OnePath employees into the Enterprise Agreement. Many former OnePath staff are being asked to give up the right to RDO entitlements for a leave purchase arrangement that requires management approval and they are losing annual leave loading which will be bought out.

“It is important that these employees are treated fairly and integrated into a new EA on reasonable terms which they are happy with,” Ms Angrisano said.

The Zurich vote opens on December 7 and closes on December 13.

Media contact :John Hill- 0412 197 079