Westpac’s no pay offer an insult to staff

Westpac has shocked the Finsec bargaining team and members throughout the bank by not making a pay offer in this year’s bargaining. As it stands there would be no increase to members’ wages. Zero! The bank has come up with their worst ever pay deal after four days of unsuccessful bargaining which adjourned today.
Union Council Chair Maxine Mullen says that the bank can easily afford a good pay increase, with Finsec’s claim costing just 3% of the bank’s first half year profit of $125 million. “Westpac paid out $328 million in dividends last year to their shareholders, and then offers their own staff nothing.”
“With inflation set to hit 5.9%, staff will be much worse off under Westpac’s zero offer,” said Mullen. “We will not accept this kind of shoddy deal.”
Maxine said that it was alarming that Westpac would want to treat staff so badly when a majority of people covered by the collective agreement belong to Finsec. “With bargaining only a few weeks away at ANZ National, the best defence for staff there from similar treatment is to grow the union – and fast! If Westpac is making a zero offer and we have majority membership we hate to think what might happen to our colleagues at ANZ and National.”

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