Westpac Deal Shows Way

Date: 15 March 2002

The Finance Sector Union has today reached agreement with Westpac for a three-year enterprise agreement covering the bank's 24000 workers.

Key components of the deal include:
- a 12 per cent pay rise over three years - delivered in annual installments of four per cent.
- commitments to improve staff workloads, including $6 million in additional jobs.
- an undertaking to a share allocation in the term of the agreement of up to $1000 per employee per annum based on the bank's performance.

FSU NSW/ACT Secretary Geoff Derrick says the agreement is a good outcome for staff after a tough industrial battle that culminated in industrial action last December.

"With this agreement Westpac has started to recognize that its most important asset is their own staff," Mr Derrick said.

"Workers were prepared to take a stand, not just for their wages and conditions, but also for the broader community who have been appalled by branch closures and cuts to staff numbers.

"The commitment to reasonable staffing workloads is a major breakthrough, as is the share allocation which give workers a direct stake in the bank's future.

"The challenge now is for the NAB and ANZ - who have not reached agreement with their workers to now follow Westpac's lead."

For further information

Contact:	Geoff Derrick
Union:	Labor Council of NSW
Contact Mobile:	0419 632722
WWW:	http://www.fsunion.org.au

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