Among the proposals in the agreement, which are now being put to a vote, are: „The new agreement also contains a number of improved benefits and protections for workers,” Hanlon said. A spokeswoman said the agreement was supported by 90% of employees because it „does the right balance and reflects the needs of our employees, customers and our company.” „This agreement strikes the right balance between the interests of thought, business and shareholders,” Hanlon said. Westpac announced today that it has reached an agreement in principle with the Financial Sector Union for a new enterprise agreement with approximately 30,000 employees in Australia. The new wage agreement was stamped on Thursday by the Fair Labour Commission and offers employees salaries of up to $82,500 with an increase in inflation of 3.25 percent this year. While the westpac enterprise agreement appears to leave the bank some discretion as to when employees should use their leave rights, the bank may potentially further damage its reputation by encouraging employees to take vacations in their backyards. Christine Parker, Executive Human Resources and Corporate Affairs at Westpac Group, said the new agreement was a major step forward in our staffing offering and would help cement Westpac`s position as Australia`s employer of choice. The final agreement will be put to a vote by authorized staff in June, before they are submitted for fair work approval by Australia. The bank will exercise its discretion to distribute larger-than-those salary increases to employees paid between $82,501 and $106,500, the agreement says. The FSU and westpac will consult again with workers, with the final agreement to be coordinated by eligible workers later this year, before they are submitted for approval by the Fair Work Commission. Parker said that while these negotiations are often complex, Westpac and the FSU have brought a constructive approach to the negotiating table and reached an agreement in a timely manner. The agreement, which was supported by 90% of the bank`s staff, comes because the FSU is calling for a new industry-wide compensation framework, in which discretionary payment, variable payment and commissions are wrapped in the basic rate of pay for employees. A new wage agreement at Westpac has triggered a shackle on union demands, which could put pressure on employees to prioritize sales, as some workers have discretion to raise wages under the deal. The proposed agreement is valid for a period of three years and provides workers with greater security under long-term conditions.
Peter Hanlon, executive People and Transformation of Westpac Group, said the new agreement was a win-win situation for employees and Westpac. Westpac`s enterprise agreement was stamped this week. Credit: David Mariuz The new agreement applies to most Westpac Group employees, including their regional brands St.George Bank, Bank of Melbourne and BankSA. „The agreement contains a number of important new benefits for workers, including strengthening flexible working arrangements for compliance with work and family obligations. This increased flexibility not only benefits staff, but also helps the organization better meet its customer service goals.