Staff targets softened at Westpac

Westpac has yielded on key controversies to reach a new enterprise agreement with staff in a deal the Finance Sector Union said "breaks the link between targets and annual salaries."

The agreement, reached late last week, will deliver a pay increase of 3.5 per cent in 2016 and 3.25 per cent in 2017 and 2018 for staff earning up to A$75,000.

Staff paid between $75,000 and $100,000 will receive a minimum two per cent increase, with discretion for more for the next three years.

Bank staff earning between $100,000 and $150,000 will access "an annual pool of a minimum two per cent for salary increases."

The bank will maintain superannuation contributions for staff taking unpaid parental leave (which may be for up to two years).

The bank will also allow rostered days off for staff working for St George - a new entitlement for those employees.

In keeping with modern workplace trends the bank will also allow ten days domestic violence leave.

The FSU, describing the agreement, said staff would still be "required to meet minimum behaviour standards and complete compliance training, but delinks in targets are a big win for us and our members."

Targets, or sales quotas for many staff, are a long running grumble for staff at Westpac and many other industry employers.

According to the union, staff will only be "required to meet minimum behaviour standards and complete compulsory compliance training," to qualify for the pay rise. The union said 98 per cent of staff reached a similar target in each of the last two years.

In its media release, the bank styled this facet of the agreement as "realigning fixed pay increases to employee behaviours, compliance and training, supporting our strong focus on doing the right thing by customers."

In an email, the union elaborated that: "the change we have negotiated is that the targets will have no bearing on annual salary reviews.

"There are other provisions that go to ensuring any targets that are set are fair and reasonable."

Staff will vote on the agreement later in the year.