Banks pay talks at pointy end

The corollary to a pay rise of four per cent for many staff at National Australia Bank should proceed following a staff vote.

The Finance Sector Union advised members that 94 per cent voted in support of a reformed classification and pay model at the bank.

The FSU said "NAB has previously advised they need approximately two months to implement the new model and that includes changes to systems and communication across the business" with the model likely to be in place by September 2015.

NAB will scrap a long-standing classification structure, replacing four levels with seven.

The union's deal with the bank, first outlined more than a year ago, secured better conditions for many senior staff.

Senior NAB staff will have access to more information about their remuneration as well as the ability to seek a review or to appeal.

While NAB tidies up its most recent enterprise agreement, friction may be building at ANZ and Westpac.

In February, almost 16,000 ANZ staff voted down the bank's proposal for a new agreement.

The FSU told members at ANZ last week that it was "reaching the pointy end of negotiations for a new agreement but there's still work to do before we will have something substantial for us to consider."


The union meanwhile told members at Westpac that it had informed the bank of members' concerns that there was "no individual certainty that pay increases will flow" from a centrepiece of the bank's most recent pay offer.

It said that it was "concerned that if Westpac gets it wrong the proposed new grading structure may see good performing, long standing loyal staff members 'punished' if the grade maximums don't increase at the same amount as pay increases."