The four day work week is an idea whose time has come, in banking and many industries, but Westpac were not for reforming when its staff and the Finance Sector Union came looking for a shorter working week in enterprise negotiations earlier this year. 

Instead, ‘tier one’ Westpac employees - those earning less than $102,000 - will receive a 5% upfront pay increase in the first year of a new three-year pay deal, Workplace Express reports.

The bank will pay the 5% in January next year, 4% in January 2026 and 3.5% in January 2027.

‘Tier 2’ employees, earning between $101,662 and $125,865, will receive a total of 9%, recognising that they receive performance-based increases.

They will be paid a 3.5% rise in January next year and 3% and 2.5% 12 and 24 months later.

The Westpac deal boosts leave entitlements, including new paid family pathways leave of five days annually.

It extends paid cultural, lifestyle and wellbeing leave from two days a year to four and compassionate leave from three days to five per occasion.

The deal also lifts paid gender affirmation leave from six weeks to eight weeks and Sorry Business leave for Indigenous employees.

It further provides for a new joint company-union consultative committee to discuss artificial intelligence issues.

The bank said the deal had been voted up by 87% of workers who participated (following a 70% turnout).