The Finsec "I'm confused, how do I work out what Pay Increase I get on the Pay Matrix?" Guide.
Understanding how your pay system works, and how you get a pay rise is really important.
A number of Finsec members have noted that they do not understand the current pay system at IAG and that it would help to have a plain English resource that explains it. Well, this is our attempt!
- First, it's important to know that for whatever level you are on, there is a pay range. Generally you start at 70% of the range and move your way up from there. Most people at the Southern Claims Centre are on Level D:
| Level | 70% | 100% | 110% |
| Level C | $27 956 | $39 937 | $43 931 |
| Level D | $32 067 | $45 810 | $50 390 |
| Level E | $36 658 | $52 369 | $57 605 |
- Confirm what Level you are on and what your current annual salary is.
- Now, divide your current annual salary by the 100% figure for your level. This tells you where on the range you currently are.
Example: Sarah is on Level D and has a current annual salary is $36 852.
$36 852 divided by $45 810 = .8045, or 80.45% on the pay range.
- Now to the Pay Matrix. This year, IAG has put forward the following Matrix:
Your Capability Rating
| % in Pay Range | 1 | 2 | 3 | 4 | 5 |
| Over 110% | 0% | 0% | 3.8%* | 5.7%* | 7.6%* |
| 100% - 110% | 0% | 1.9% | 3.8% | 3.8% + | 5.7% + |
| 1.9%* | 1.9%* | ||||
| 90% - 100% | 0% | 1.9% | 3.8% | 5.7% | 7.6% |
| 80% - 90% | 0% | 1.9% | 3.8% | 5.7% | 7.6% |
| 70% - 80% | 0% | 3.8% | 5.7% | 5.7% | 9.5% |
| Under 70% | 0% | 5.7% | 7.6% | 9.5% | 11.4% |
* These figures are "one off" payments, not built into the ongoing salary.
To work out what % increase you are eligible for, find the figure where your % on the pay range and your capability rating meet.
Example: Sarah is at 80.45% of the range and her capability rating is a 3.
This means she receives a 3.8% pay increase.
So, that's how you work out what pay increase the Performance Pay Matrix gives you. If you have any questions please talk to your Finsec Delegate or Organiser.
Also keep an eye out for further Finsec updates about the IAG pay system and the key issues around performance pay. Understanding these issues and discussing them with other members, and non-union members is a key start to building a fairer pay system.
