Suncorp staff swallow super and Saturday-pay cuts
Employees of Suncorp voted, by 72 per cent to 28 per cent, to accept a grudging pay offer from the insurance and banking group.Around 8500 staff at Suncorp voted in support; 3300 voted against, and 3000 did not vote, said the Finance Sector Union on its website.The Suncorp pay deal offers pay increases of two per cent or a "move to the compliance minimum, the very lowest that under law Suncorp can pay" according to the FSU's version of the pay plan.There is a guaranteed pay increase of two per cent. But bonus payments are at the discretion of Suncorp.Penalty payments for work on Saturday morning, at present 30 per cent, will disappear. The industry standard is 50 per cent.The deal may also end the more generous payments for superannuation that are paid to staff of AAMI and AAI, two of the insurance brands in the portfolio bought from Promina.