Nick Samios at Business Spectator:
Westpac pays bananas?
Napoleon once observed that “an army marches on its stomach”. The quote sprang to mind as I read a Finance Sector Union press release this morning bemoaning the fact that “ thousands of [Westpac] staff have been told they will either not receive a pay increase in January or will get something between 1 per cent and 2 per cent”.
Here's the FSU press release:
Profits = $4.6 billion (Cash earnings)
Executive pay = up 36%
Employees pay = 2% performance pool where many get 0%
As many Westpac employees deal with the community backlash to Westpac’s interest rate hike they will get little solace from the January pay review.
FSU is concerned that thousands of staff have been told they will either not receive a pay increase in January or will get something between 1% and 2%.
After a hard last year, Westpac have failed to live up to their promise of rewarding performance.
Westpac’s key values document, Our Principles for Doing Business, states that the bank is committed to a fair, consistent and competitive pay system. Yet Westpac has the lowest minimum rates of pay of all the major banks. We don’t believe that’s fair, consistent or competitive.
The FSU is seeking a 4% pay increase for all employees in a new Westpac Collective Agreement.
. Thursday column: Happy new year - it's still hard to switch banks
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. Westpac's week - so far