Westpac upscales banker pay
Pay rates for bankers are being stretched by Westpac under a new enterprise agreement covering all businesses within the Westpac group.Tier one pay rates (up to A$82,500) will rise by 3.25 per cent each year for the three years from 2019 to 2021.For staff on tier two pay rates (earning between $82,501 and $106,500)) their pay will rise by 2.25 per cent each year for the three years from 2019 to 2021.The Finance Sector Union, in a bulletin to members, said there is "no change" for better paid staff on tier 3 rates. This group is paid between $106,500 and $160,000 and have their pay reviewed annually outside of the terms of the agreement.The union said the proposed agreement "has industry leading conditions."Key terms include:• introduction of a Future of Work Role;• 20 days paid leave for staff experiencing family and domestic violence;• introduction of a casual conversion clause;• an increase in compassionate leave from two days per occasion to three days per occasion; and• an increase in paid parental leave for support carers from two weeks to three weeks. There will also be "a commitment to removing 'leader boards' and introducing 'performance dashboards', that are consistent with principles outlined in the Sedgwick Recommendations, and to change reporting systems to ensure that employees only see information about their own results."An employee ballot will be held at the end of the month.