“This agreement strikes the right balance between the interests of thought, business and shareholders,” 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.” Westpac`s enterprise agreement was stamped this week. Credit:David Mariuz The agreement, backed by 90 percent of the bank`s staff, comes because the FSU is pushing for a new industry-wide compensation framework, in which discretionary payment, variable payment and commissions are wrapped up in the basic wage rate of 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 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. 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. Nathan Rees, deputy secretary of the Financial Sector Union, said that “the end result is a fair deal.” “For the most part, this agreement is moving in the right direction,” he said. The final agreement will be put to a vote by authorized staff in June, before they are submitted for fair work approval by Australia. 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. “In addition, the new agreement contains a number of improvements in benefits and protections for workers,” Hanlon said.
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 new agreement will apply to most Westpac Group employees, including their regional brands St.George Bank, Bank of Melbourne and BankSA. 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. 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. Some of the proposed agreements now before workers` vote include that the new wage agreement was stamped thursday by the Fair Work Commission and offers employees salaries of up to $82,500, with inflation rising by 3.25 percent this year.