Asteron and Credit Union South trying to breathe life into discredited pay systems

Finsec is raising concerns that Asteron and Credit Union South are both attempting to revive the failed pay systems of the 1990’s, that remove’s Finsec members right to negotiate pay increases in collective bargaining and introducing pay bands instead of salary steps. Finsec members are considering proposals from both employers that in effect hand over all pay decisions to the bosses.

Finsec members favour a pay system with two significant components:
•    Negotiated pay increases through collective bargaining to cover increases in the cost of living or make other adjustments
•    Movement up pay steps on the basis of demonstration of skills (rather than the achievement of sales targets)
A third component would be additional payments on the basis of performance, but in our view this should comprise a minor proportion of overall pay.

Finsec General Secretary Andrew Casidy categorises Asteron and Credit Union South’s moves as a backward step. “These systems cede total control over pay to the employer and invariably lead to pay falling behind similar employers. We saw Westpac pay lag behind other banks in the 1990s due to this kind of pay system, and it is only now catching up after a complete overhaul of the way pay is determined.”

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0800 FINSEC (0800 346 732)
union@finsec.org.nz
www.finsec.org.nz


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