CBA employees must get a pay rise, says FSU

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The Financial Services Union has called for CBA to spread some of its $7bn-plus annual profit amongst its employees in the form of a pay rise.

Under the slogan of “CommBank can, but won’t,” the union has claimed that Australia’s most profitable bank can do better on pay and job security for employees.

Labelling CBA’s $7bn-plus annual profit as “the biggest profit ever posted by an Australian bank”, FSU national secretary Leon Carter said that CBA “can well afford to provide all employees with a fair share of that success”.

“When you work for the biggest and the best, you expect to have the best pay and conditions, and job security. Yet CommBank employees will be receiving pay increases that don’t even meet cost of living increases, if they receive an increase at all,” he said.

The FSU has claimed that CBA recently withdrew from negotiations with the FSU for a new enterprise agreement to cover more than 20,000 employees, and has announced a unilateral pay increase for some staff.

“Depending on where you work in the bank, our most profitable bank may give you an increase of anywhere between zero and 3.5%. If your pay increase this year is zero, then you are effectively taking a pay cut,” said Carter.

“If this decision stands, employees won’t get a say at all. It’s not like enterprise bargaining, where employees have input, and participate in a ballot at the end of the process. This is an increase bequeathed from on high to the favoured few.

“The FSU does not accept the proposition that a pay increase is a reward for outperforming; the bonus system exists for that purpose. Every single person working for the Commonwealth Bank has contributed to the bank’s success, and every employee deserves a fair share of that success.”

Carter’s comments coincided with the launch of a new website that the FSU claims calculates the amount of profit the bank makes per minute, per day, and per employee.

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