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Westpac Enterprise Agreement

 

Westpac today announced that it had reached agreement with the Finance Sector Union on a new Enterprise Agreement. The agreement covers about 26,000 employees.

Some of the agreement proposals which will now be put to an employee vote include:

  • Guaranteed 2% pay increase for eligible employees in 2010;
  • A minimum 4% pay increase in January 2011 and January 2012 for eligible employees;
  • 13 weeks paid parental leave across all our brands and businesses;
  • The opportunity to cash out long service leave after 10 years continuous service and cash out annual leave accruals over eights weeks; and 
  • Increased flexibility for the business.

Westpac Group Executive People and Transformation, Peter Hanlon, said the new agreement is a win-win for employees and Westpac.

“This agreement achieves the right balance between employees, the business and shareholder interests”, said Mr Hanlon.

“The agreement contains a number of significant new benefits for employees, including increased flexible working arrangements to meet work and family commitments. This increased flexibility not only benefits employees but also assists the organisation to better meet its customer service objectives. 

“Importantly, it delivers pay increases for eligible employees as well as providing pay certainty over the coming years.

“In addition, the new agreement contains a number of improved benefits and protections for employees," Mr Hanlon said.

Mr Hanlon said while these types of negotiations are always complex and tough, both Westpac and the FSU brought a constructive approach to the bargaining table.

The final agreement will be voted on by eligible employees in June before being submitted for approval to Fair Work Australia.

The new agreement will cover most employees across the Westpac Group but does not include employees in St.George Bank or BankSA divisions.