NAB adjusts pay offer

National Australia Bank offered the Finance Sector Union an increased pay rise for its members last week. However, the union derided it as a continuation of a "broken pay model that has failed us for the past few years" on its website.

The FSU is seeking a "guaranteed across the board four per cent annual salary increase."
                             
Instead, NAB has proposed a rise of two per cent, in October 2014 and a further rise, also of two per cent, in January 2016. But this would be "based on performance" for those staff classed as groups one and two, ie, those at the lowest levels.

The bank had previously proposed a rise of "between two per cent and 3.5 per cent, depending on performance."

NAB will also no longer support the payment of a margin of one percentage point additional superannuation contribution, a long-standing practice of the bank.