Major pay deal proposed – Westpac offer 5% increase over one year term

Mediation between Finsec and Westpac bargaining teams this week led to the bank making a pay offer to Finsec members of 5% over a one year term. The offer is the highest percentage increase negotiated by Finsec members in any of the major banks over the past 10 years.

“The movement to a 5% pay offer shows the influence Finsec members have in negotiations, including all those Westpac staff who joined our union in the lead up to negotiations,” said Westpac Union Council Chair Maxine Mullen.

The Finsec negotiating team believe that this offer is very close to meeting members’ expectations and therefore is being put to a ratification vote. Finsec members are reminded to confirm their attendance at these ratification meetings ASAP.

Other key aspects of the bank offer include:

· The bank withdrawing it’s redundancy claim.

· A commitment to attend industry discussions on incentive schemes if other banks agree to attend, and to work positively with Finsec to engage with the banking Industry Training Organisation.

· Removal of the first step in grade A and a slightly higher increase to the top step of Grade A as some recognition of pay parity issues for people in this grade.

· Increases to the Project Unity payments originally proposed by the bank.

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