Yahoo Finance NAB workers secure WFH win, 17.5% pay rises
The industry-leading deal could set a precedent for the banking sector.
Thousands of NAB staff will have their right to work from home enshrined, as part of a new wage deal that could set a benchmark for the banking industry.
The deal, which was negotiated over 16 months, will 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”.
Also read: Commonwealth bank staff lash out at WFH rules: ‘Hidden agenda’
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All 25,000 NAB staff will have the right to request work from home and can appeal against any unreasonable refusals to the Fair Work Commission.
Finance Sector Union (FSU) national secretary Julia Angrisano said the offer was a win for the thousands of staff who rejected the bank’s previous offer in November.
“Union members, acting collectively, gave the NAB a clear message that they deserved better pay rises than the bank was prepared to pay them and by standing their ground, they have achieved a much fairer outcome,” Angrisano said.
“More than 80 per cent of NAB staff have now secured guaranteed fixed salary increases instead of relying on NAB’s market-based model, which eroded our members’ standard of living.”
The deal, which the FSU has recommended NAB staff vote to accept, also includes increases to parental leave and measures to address the gender pay gap, including superannuation paid on all periods of paternity leave.
It also provides paid leave for cultural observance by Aboriginal and Torres Strait Islanders, and arrangements to accommodate staff with mental health, menstruation and menopause challenges.
“We’ve reached an important milestone in negotiations for our proposed Enterprise Agreement (EA) with in-principle agreement from the FSU and NAB individual representatives on a package to put to colleagues," a NAB spokesperson said.
“This is significant progress and the result of us listening to and acting on feedback. With negotiations now complete, we are focused on ensuring colleagues are well informed before putting the proposed EA to a vote.”
Angrisano said FSU members at CBA and ANZ expected those banks would now match the new benchmark set by NAB.
CBA under fire
The CBA is currently under fire over its return-to-the-office mandate. From July 17, CBA staff will be required to return to the office 50 per cent of the time.
The FSU took action against CBA on Wednesday, noting there was no consultation with staff prior to the mandate, and said members had complained it would force them to spend more money on commuting and child care.
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