Commonwealth Bank employees overwhelmingly vote for FSU to negotiate on their behalf

For the first time in eight years the Commonwealth Bank (CBA) has offered an agreement with the Finance Sector Union (FSU) that will see a guaranteed 4 per cent pay rise for its employees.

“This is a positive move forward for CBA as they take a more collaborative approach to pay and conditions,” said Wendy Streets, FSU Director of Campaigns and Bargaining.

These negotiations put entry-level employees of the bank the second highest among the major banks, just falling short from their NAB counterparts.

The deal covers approximately 35,000 employees of the bank.

On top of pay rises employees will have access to twelve weeks paid parental leave on full pay as well as the 16 weeks paid leave provided by the Government’s new scheme which starts 1 January 2011.

It also ensures that employees have the right to salary sacrifice into their superannuation as well as entitles them to ongoing leave on full pay during periods of illness or injury until the bank deems that the employee is highly unlikely to return to work.

The deal also includes a flexibility clause which will allow the bank and employees to negotiate provisions such as travel for work purposes, hours of work, shift work, annual leave, ongoing sick leave, public holidays, allowances and other conditions from old contracts and agreements.

Another significant win for CBA employees are provisions ensuring they have access to advice and information from the union at employee induction sessions.

It also contains provisions for delegates to access up to 500 hours paid leave across the organisation as well as access to CBA facilities to perform their union responsibilities.