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Progress at Westpac-Finsec Negotiations

The the union for finance workers

19 January 2006
For immediate release

Progress at Westpac-Finsec Negotiations

A further round of negotiations between those staff at Westpac who are union members and their employer concluded yesterday with some much-needed progress. Staff who belong to the finance union, Finsec, and Westpac have been in a three month long dispute over a target based pay system. This has included debate about the use of performance targets that encourage employees to sell products to customers. This resulted last month in a full day strike on the last business day before Christmas.

However, the bank and Finsec have now negotiated an employment offer that includes agreement to develop a new pay progression system that will not be based solely on meeting targets. The offer also includes the ability for a number of long-serving staff to advance through the payscale based on their years of service. The proposed agreement will run for 16 months, instead of the earlier proposal of 18 months and will include a 5.2% pay offer.

Union members at Westpac will begin a series of meetings around the country to vote on the offer next week. The result of the vote will be known after the last meeting on 10 February.

Finsec’s campaign’ director Karen Skinner, says members are pleased that the bank returned to negotiations and made changes to their previous offer. “The bank’s new offer responds to some of our members’ strongly held concerns. We are pleased that we now have an agreement that we can talk to the bank about targets, how they are enforced and the impact that they are having on staff. Members will probably view this offer as a good improvement on the previous one.”

“A lot of employees at Westpac feel they give good customer service and are loyal workers, but were not moving through the pay scale because they could not reach their sales targets. Now hopefully we have an opportunity to solve that.”

For Information Contact - Karen Skinner: 027 548 2131 (new phone number)


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