Union and bank launch pay equity project

Finsec’s sister union the FSU has launched a pay equity project with Members Equity (ME) Bank, an outcome of their bargaining.

While the overall gender pay gap in Australia is 18%, the gap in the finance sector is 28% – the worst in the country. “We must get to the bottom of this issue, to not only gain a better understanding of why this pay gap exist, but to also develop solutions, for the good of the whole finance sector,” said FSU National Secretary Leon Carter.

ME Bank, together with the FSU, is looking to scrutinise its systems and pay outcomes, to engage staff in an examination of the work environment, and recommend improvements to overcome the pay gap for their 700 employees. ME Bank CEO Jamie McPhee said the bank was committed to gender pay equity.

The FSU engaged in a similar process with NAB in 2006-7, and are in discussions with the bank about progress made since then.

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