Westpac workers ratify historic pay deal

Finsec members in Westpac have voted in favour of an historic collective agreement settlement offer that includes a new competency based pay system that removes debt sales targets being linked to pay increases and a 5% wage increase.

“5% is the highest annual wage increase negotiated in the major banks for over a decade,” said Finsec Vice-President and Westpac Union Council Chairperson Maxine Mullen. “Westpac are currently leading the rest of the banks in working with union members to address key issues that face our industry. There are still aspects of the sales target system we want to see changed, but this is a very important step in the right direction,”

Finsec Campaigns Director Andrew Campbell said the Westpac negotiations provided a sharp contrast with the lack of progress made with ANZ National. Industrial action is scheduled for Friday this week after the bank refused to increase their 4% pay offer or change targets.

“There is a huge difference between the two banks in negotiations. Westpac has been prepared to listen to staff and customer concerns while ANZ National has not. In addition to sending hundreds of good Kiwi jobs to Bangalore the bank is offering a lower wage increase than Westpac and won’t review their sales targets,” said Campbell.


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