Long serving ANZ staff lose benefits package

ANZ GnomeLast week Gossip talked with a Finsec member who had been working for her bank, ANZ, for more than 14 years, but was now in danger of losing her long-held staff benefits package. Staff at ANZ who were employed before 1993 have a generous staff benefits package which includes:

  • 4 free accounts
  • Home loan rate lowered by a percentage dependent on their grade (i.e. top grade means 70% of variable home loan rate, next grade down 75% etc)
  • Credit card with no fees and half of the current interest rate

For some staff this can be worth thousands of dollars per year. Many other financial institutions used to have similar packages but most were ‘bought out’ during employment negotiations in the 1990s. So, ANZ’s package is somewhat of an anomaly.

Now however, ANZ is trying to retire the old package and replace it with it’s new one. The new package offers 0.5% off the variable home loan rate and not much else. If any staff on the old package make changes to their existing benefits – such as redrawing on their home loan – they will be switched to the new package and the worse interest rate.

Finsec has written to the bank about this and is awaiting a response. But because the benefits package is not written into ANZ National’s collective agreement there is little that Finsec members can do individually to reverse this decision.

(Thanks to stephentrepreneur for the photo)

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