Cautious support for competency pay at Westpac

Finsec members in Westpac have voted in support of the introduction of a competency pay system. 60% of members voted in the ballot and of those that voted 82% cast an indicative vote in favour of replacing performance pay with the proposed competency pay system.

As a result of indicative support from Finsec members the proposal will now be part of the overall settlement proposal that only union members can vote on after negotiations in early July. The proposal will only take effect if this overall package is accepted by Finsec members.

Westpac Union Council Chair Maxine Mullen said that Finsec members now needed to make sure the system is fairly implemented. “I ran a number of meetings and while members are happy to be moving away from performance pay we are also nervous that the bank may manipulate the new system. It is up to all of us to make sure that doesn’t happen and that a really good competency pay system is put in place.”

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