New pay system moving forward at Westpac

 The Better Banks campaign objective of fairer pay systems in the sector is a step closer with ongoing developments at Westpac.

 The Finsec Union Council met with Westpac in January to discuss union input into the development of a new competency pay system to replace the current performance based system. Finsec members on the Westpac Union Council will work with Westpac to develop assessments within their areas of expertise. An overarching group with union and bank management representation will oversee the whole process. 

Westpac Union Council Chair Maxine Mullen said the changes represented a real win for union campaigning. “Westpac has agreed to make changes to key aspects of the proposed new competency pay model because of the pressure that union members have built up. We are keeping our negotiated pay increase, our increase on promotion and we retain the same number of salary steps and current maximum competent salary.” 

Maxine said that these wins now need to be spread across the whole finance sector.


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