The Finance Sector Union (FSU) has recommended NAB staff vote to accept an industry-leading Enterprise Agreement following 16-months of negotiations on pay and conditions.

Union members have endorsed the proposed agreement which provides for pay increases totalling 17.5% between 2023 and 2026 for the lowest paid workers; guaranteed pay rises for all workers up to the ‘high income threshold’; and transparency of annual salary increase budgets and a right of dispute for those earning more than the ‘high-income threshold.’

FSU National Secretary Julia Angrisano said the improved NAB offer was a win for the thousands of bank workers who, last November, rejected the bank’s previous offer which failed to provide fair pay rises.

“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,” Ms 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 FSU and its negotiating team have also secured:

    • Working from home rights;
    • Increases to Parental leave including access to both parents;
    • Measures to address the gender pay gap including superannuation paid on all periods of paternity leave;
    • Aboriginal and Torres Strait Islander Leave;
    • Recognition of Mental Health and Menopause/Menstruation;
    • An ongoing consultative committee to address job security amidst the changing nature of the bank/industry.

“While some improvements have been made to address the hours of work crisis at NAB that is putting immense strain on employees physical and emotional wellbeing, more needs to be done.”

“The Union is continuing to pursue NAB through its Federal Court action to achieve recognition of these harmful work practices.”

Ms Angrisano said FSU members at CBA and ANZ expected those banks would now match the new benchmark set by the NAB.

/Public Release. View in full here.