Historic pay deal reached at Westpac
29 April 2007
Union members at Westpac have voted to accept a pay deal that will deliver most workers pay parity with the same or similar roles at ANZ National Bank. ANZ National has historically had the highest pay rates in the banking industry.
The settlement also includes a review of the Westpac pay system with a view to removing sales targets from pay progression.
"Pay parity at Westpac is the result of workers organising a strong campaign over three years. This settlement is the result of pressure over that time from staff and customers for Westpac to become an industry leader in how it pays its staff.“ said Andrew Campbell, Finsec Campaings Director.
Selina Reedy at Westpac Putaruru Branch is one of many members who is looking forward to the offer being implemented "I voted to accept because we are going to get the pay we deserve and we have the opportunity for our future progression increases to be determined by our skill not targets."
The strong vote in favour of the offer came after nationwide meetings over the last fortnight at which Finsec members discussed an offer that included:
- a 4.5% pay rise,
- additional steps on the top of their pay scale that means many of the top pay rates will be comparable with ANZ National pay rates,
- a focus on rewarding staff for skills rather than performance targets
Andrew Campbell said “BNZ now stands out as the largest bank in New Zealand that still links selling debt products to its customers as part of its staffs core pay system. Finsec members will be working to change that in the coming months.“
