Media releases
Westpac employees vote in favour of new Enterprise Agreement
25 June 2010
Westpac today announced that employees have voted in favour of its proposed new Enterprise Agreement, which was agreed with the Finance Sector Union in late May.
Polling for the agreement has now closed and the overwhelming majority of Westpac employees voted yes to the proposed agreement.
Some of the benefits of the new Enterprise Agreement include:
- Guaranteed 2% pay increase for eligible employees in 2010, following approval of the Agreement by Fair Work Australia
- A minimum 4% pay increase in January 2011 and January 2012 for eligible employees
- 13 weeks paid parental leave across all our brands and businesses
- The opportunity to cash out long service leave after 10 years continuous service and cash out annual leave accruals over eights weeks; and
- Increased flexibility for the business.
Westpac Group Executive People and Transformation, Peter Hanlon, said he was pleased to see such strong support for the new agreement.
"This is a great outcome for our people, our customers and the business. The agreement contains a number of significant new benefits for employees and will assist our organisation to better meet our customer service objectives", Mr Hanlon said.
The final agreement will now be submitted for approval to Fair Work Australia and it is due to come into effect on September 24.
The agreement will cover about 26,000 employees across the Westpac Group but does not include employees in St.George Bank, BankSA or RAMS divisions.