Commonwealth Bank and the Finance Sector Union have reached an in-principle agreement over an improved Enterprise Agreement, including a sector-leading pay rise.
CBA staff earning A$100,000 and below will receive a pay rise of 5.25 per cent backdated to July, with a pay rise of 4.25 per cent in July 2024 and a rise of 3.5 per cent in July 2025.
Staff in “unpackaged” salary bands from $100,000 to $125,000 will receive pay rises of 5.0 per cent, 4.25 per cent and 3.5 per cent.
Those staff paid from $125,000 to $162,000 will receive a pay rise of 3.5 per cent, 3.0 per cent and 3.0 per cent.
Staff paid up to $200,000 will also receive a pay rise of 3.5 per cent, with rises in 2024 and 2025 “discretionary.”
An additional $1000 cost of living payment will be paid to all staff after the agreement commences.
Junior rates have been removed from the agreement.
The FSU said CBA “supports employees working flexibly, disconnecting from work and balancing their work and life commitments.
“CBA will develop guidelines that address contacting employees outside of their normal work time concerning work related matters.”
For part-time workers, any hours worked in excess of 38 hours their overtime will be increased from 125 per cent to 150 per cent for the first three hours, and 200 per cent after three hours.
Paid parental leave will increase from 13 to 18 weeks.