Yahoo Finance ANZ workers to get 16.5% pay rise, WFH rights
ANZ has followed in the footsteps of NAB by offering its workers fresh rights.
ANZ has reached an agreement with workers over work rights, wages and conditions in a major win for employees.
For the first time in seven years that the bank was willing to negotiate a new enterprise agreement, the Finance Sector Union (FSU) reached an agreement with ANZ.
The in-principle agreement includes a pay rise of 16.5 per cent over four years for workers earning up to $100,000 a year and guaranteed pay increases for higher-paid staff.
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FSU national secretary Julia Angrisano said negotiations with ANZ would not have been possible without reforms to industrial relations laws brought in by the Albanese government.
“Bank workers at the ANZ were unable to negotiate with the bank, which had refused to talk about improved conditions for the past seven years. Instead, ANZ workers were covered by an outdated and expired agreement,” Angrisano said.
ANZ staff are expected to vote in September on the improved enterprise agreement offering competitive pay and conditions.
The improvements include:
Flexible working hours, including work from home rights
Transparency of salary-increase budgets
Right to dispute individual salary reviews
Leave benefits reflecting ANZ’s diverse workforce
Ability to raise staffing and workload issues
“We are pleased that, after seven years, ANZ has finally come to the bargaining table and respected our members’ democratic rights,” Angrisano said.
Following in NAB’s footsteps
The news comes after thousands of NAB staff negotiated a new wage deal earlier this month.
The deal, which was negotiated over 16 months, would see workers earning less than $100,000 per year receive pay rises totalling 17.5 per cent.
Workers will receive a 5 per cent wage increase this year, followed by another 5 per cent in 2024, 4 per cent in 2025 and 3.5 per cent in 2026. There will also be guaranteed pay rises for workers, up to a “high-income threshold”.
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