The Finance Sector Union has just signed a new agreement that covers workers in the National Australia Bank. This comes after widespread consultation with National Australia Bank staff and months of negotiations with the bank.
The new agreement guarantees 3% increases; removes the link between sales targets and fixed pay; incorporates the outcomes of the ABA review into product payments over the life of the agreement; and introduces regular forums with NAB decision makers to resolve workplace issues, such as workloads, staffing and relief.
The Australian Bankers Association has responded to community pressure by announcing a review of pay models to “strengthen community trust”. This is an acknowledgement that these payments have damaged the industry.