Westpac New Zealand is seeking a two-year term for the new collective agreement with union Finsec with negotiated pay increases for each year of the two years. The bank says this will help it to plan effectively for future growth because of prior knowledge of the costs.But Finsec is in favour of more frequent assessment because of the current uncertain environment. It is seeking a pay increase now and an inflation adjustment next year if the cost of living is higher than what was negotiated. With inflation expected to hit 5.9 per cent next year, Finsec is campaigning for inflation-adjusted pay increases.Other proposals from Westpac include provision to cut the overtime rate for staff working more than 7.5 hours a day as part of their normal work schedule.Also, Westpac wants to incorporate in the collective agreement a provision that will require staff employed in seven-day branches to work on a public holiday. The provision won't apply to branches that have a five-day week.