This information outlines only an initial proposal from Zurich management. FSU members have met and identified a number of issues and areas that need improvement.
FSU comments are in red.
|Topic||Zurich’s Initial Offer (November 2023)|
|Duration||3 year agreement to commence 12 February 2024.
|Wages||Guaranteed wage increase for employees below the overtime threshold irrespective of performance outcomes.
Year 1 pay increase is 4% for under 90K TEC.
First Full Pay Period (FFPP) 1 April 2024 4% Yr 1, 3% Yr2 and 2.5% Yr 3.
All employees eligible for pay review based on performance.
|Who would be covered||Zurich propose that Senior Leadership Group employees would no longer be in scope of the new EA.
|Span of ordinary hours||Current span of hours of 7am–7pm to be increased by 2 hours to 7am–9pm Monday to Friday.
Current span of hours for Saturdays of 9am–5pm which is one hour reduction compared to ANZ EA.
|Hours of work||Bring all employees under a 36.25 hour week and increase salaries to compensate for reduced hours.
|Access to overtime||Overtime threshold of $90k which is indexed by wage increase each year of the EA.
|RDO entitlement||Remove access to RDO entitlement and replace with a purchase leave arrangement.
|Annual leave loading||Remove annual leave loading arrangement for ex-ANZ employees and bought out both with an increase to salary by 1.35% and buy out of current accrued amount.
|Inclusive leave entitlements||NO to 5 days First Nations People leave in the Agreement.
NO to 5 days paid cultural and religious observance leave in the Agreement.
NO to 6 days paid gender affirmation leave in the Agreement.
Introduce 5 additional days of Z Leave. All employees get Z leave in year 1 regardless of if they have more than 15 days.
31 January each year is when they do the calculation for the Z leave entitlement (Checking less than 15 days annual)
Introduce 3 additional days Personal leave and 1 day Compassionate leave per occasion.
|Family and domestic violence leave (FDVL)||NO to uncapped FDVL for employees experiencing FDV and employees supporting a family member of member of the same household.
Increase to 20 paid days for all employees.
|Redundancy provisions||Zurich propose that the current Zurich EA 2014 redundancy entitlements apply in new EA 2024 for all current and future employees and ex ANZ employees would have current entitlement grandfathered.