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Media releases

Westpac Enterprise Agreement


28 August 2015

Westpac today announced that it had reached an in principal agreement with the Finance Sector Union on a new Enterprise Agreement, covering around 30,000 employees in Australia.

The proposed agreement is for a three year period, offering employees’ greater certainty of terms and conditions over the longer term.

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

  • 3.5% fixed pay increase in the first year of our agreement for employees earning up to $75,000 (3.25% in second and third year)
  • Realigning fixed pay increases to employee behaviours, compliance and training, supporting our strong focus on doing the right thing by customers
  • Superannuation on up to two years’ unpaid parental leave to ensure we are looking after the financial future of our working parents
  • 10 days’ domestic violence leave to enable those who are affected by domestic and family violence to take time off helping to address this important issue
  • A range of new flexibility and inclusion options including: 12 weeks lifestyle leave; a wellbeing day; a new transition to retirement role and enhanced grandparental leave.

Westpac Group Executive Human Resources and Corporate Affairs, Christine Parker, said the new agreement is a big step forward in our employee offering and will help to cement Westpac’s position as an employer of choice in Australia.

“Through this process, we have developed a modern and innovative Enterprise Agreement that will enable us to meet the evolving needs of all five generations of employees that form our workforce.

“Our focus remains on becoming one of the best service companies in the world and to do this, we need the full support of all our people.  That’s why we are so pleased to be offering a number of significant new benefits for employees.

“The new Enterprise Agreement proposal also means simplification of our core employment platform across our retail and business banking brands, reducing complexity and boosting efficiency,” said Ms Parker.

Ms Parker said while these types of negotiations are often complex, both Westpac and the FSU brought a constructive approach to the bargaining table and reached agreement in good time.

The FSU and Westpac will consult again with employees, with the final agreement to be voted on by eligible employees later in the year, prior to being submitted to Fair Work Commission for approval.

The new agreement will cover most employees across the Westpac Group including its regional brands St.George Bank, Bank of Melbourne and BankSA.