Straight up news for PSIS on pay

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Upcoming negotiations with PSIS provide an opportunity for union members to have a straight up conversation about pay. National organiser Bella Pardoe said that in many ways the PSIS provides leadership in the sector, but the opposite was true in terms of pay. 

“Finsec members support the PSIS stance on not having personal sale targets for staff, and believe the rest of the sector should do the same,” said Pardoe. “However, PSIS pay rates do not stack up against those for staff doing the same or similar work in the banks. It shouldn’t be about having one or the other. Staff deserve fair pay and no targets.” 

PSIS consultants, for example, earn a third less than ANZ personal bankers. PSIS senior consultants’ salaries are nearly 25% behind Westpac Home Loan Specialists and PSIS supervisor/team leader pay is $8,500 less than Westpac Branch Leaders.

 “A key goal of Better Banks Agenda for Change is to close the pay gap right across the finance sector,” said Pardoe. “We are seeking a five percent pay increase plus parity settlements to standardise pay across the industry. Upcoming negotiations will provide an opportunity to win on these issues in PSIS.”

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