26,000 Westpac Employees Get New Deal On Wages And Conditions

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31st May 2010, 11:26am - Views: 813


Media Release 

Monday 31 May 2010

26,000 Westpac employees get new deal on

wages and conditions

The Finance Sector Union and Westpac Bank have concluded negotiations on a new

Collective Agreement covering 26,000 of the bank’s employees.

The proposed Agreement, now being considered and voted on by employees, is the first

between the FSU and Westpac in almost a decade. 

The Agreement provides Westpac, some St.George and Bank SA, BT and Asgard employees

with security around wages and conditions, while providing flexibilities that reflect modern

banking practices.

It will deliver 10% wage increases to the majority of Westpac employees throughout its 26

month term in exchange for flexibilities around extended hours and weekend work.

Minimum grade rates for bank workers will be adjusted by 8% across the life of the

agreement, Paid Parental Leave is increased to 13 weeks, with the statutory regime to be

provided in addition to the employer paid component and the parties will have access to

independent arbitration to resolve disputes, including around sales targets.

Leon Carter, FSU National Secretary said “This new Agreement for Westpac employees has

been a long time coming and it is a credit to union members in Westpac who have stayed the

course on demanding a new Collective Agreement in the bank over a long period.

“It provides certainty of wages and conditions for a very large group of employees,

something that they have been wanting for some time, as well as recognising the dynamic

nature of both the industry and the lives of those working in it.

“Of course, it is now up to members to pass their judgement but we believe that what has

been negotiated represents a significant and positive outcome for the 26,000 Westpac Group

employees whose wages and conditions it will cover” 

“Importantly, providing certainty of wages and conditions and responding to their

employees’ demand for a Collective Agreement, places Westpac, as an employer, at a much

more desirable level than some of its major competitors” said Mr Carter


Leon Carter, National Secretary, 0409 946 597


Rod Masson, 0408 374 677

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