Why ANZ National changed its offer

Wellington ratification vote meetingEarlier this week ANZ National amended its collective employment offer to Finsec members by reducing the proposed term from 2 years to 1 year.

Before the second round of negotiations Finsec members identified three key issues that they wanted to see changed. These were:

  1. shorter term
  2. no red circling (no or reduced pay offer to those above scale)
  3. higher percentage pay increase

At the ratification vote most of the feedback was that of those three issues, term and red circling were more important for most members and also the ones that members viewed as most achievable.

Finsec believes that the change to the bank’s offer came from the high attendance (72%) and the high reject vote (74%) at the ratification meetings, along with an increase in Finsec membership in recent weeks. Between 30 July and now membership has increased by 270 people.

These two things, growth in membership and growth in participation helped create pressure for change. Having said this, the bank has been very clear that they will not make any further amendments to its offer.


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