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In striving for a high performance culture Westpac seeks to maximise redeployment where restructuring results in redundancy. This ensures organisational knowledge and skills are retained wherever practical and minimise the need for retrenchment of employees. In circumstances where redeployment is neither successful nor feasible Westpac's Redundancy and Redeployment agreement provides entitlements to staff facing the loss of employment through retrenchment.

For employees affected by retrenchment Westpac provides:

• A notice period of six weeks, or the equivalent payment of salary in lieu of notice
• A severance payment based on length of service and capped at 90 weeks salary
• Payment of existing leave entitlements including payment of pro-rata long service leave after five years service
• A lump sum payment of the cost differential in lending entitlements between staff and public rates calculated over a nine-month period from the date of notice of termination
• Career transition support covering basic job search skills and resume writing
• An offer of outplacement services to all staff
• Removal expenses in certain circumstances for employees who were relocated on a bank-initiated transfer