Results of BNZ ratification vote

As the Gossip went out last week we were still finalising the results of the BNZ ratification vote. Drumroll, please….Finsec members at BNZ voted in favour of ratification.

60% voted to accept the offer and 40% voted to reject it. 74% of eligible Finsec members participated in the ratification vote.  The pay increase of 2.25% for the first year of the agreement will go through for the pay period of 10 December, backdated to 1 November.

Many Finsec members who voted to accept or to reject are concerned about the two year term and the pay offer for the second year. The loss of penal rates on Sundays, and the lack of concrete improvements to job security were also big concerns to many of our members, as was the fact that some staff are still not receiving the negotiated pay increase.

However, the pay offer is above inflation and is more than many workers have been able to achieve in bargaining this year and is on par with what we have achieved in the other major banks under our coverage. It was important to our members that we managed to hang on to the incentive pay schedule in our Collective. There have also been some important inroads made regarding redeployment in the event of redundancy.


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