Payrise Floor Set for Big Bank EB

Date: 26 July 2000

"St George's 10.8% wages offer sets the wages floor for major bank enterprise bargaining," according to Geoff Derrick, FSU NSW Branch Secretary.

In a deal being put to FSU members this week, minimum rates in the Bank will shift by 10.8% over two years, in addition to significant improvements in redundancy arrangements and provision of paid rest breaks.

"The St George deal, which has been favourably received by our members, clearly draws the line in the sand for our negotiations in the major Banks."

"St George is the least profitable of the banks we will be bargaining with, yet they have seen the value of delivering real wages growth and improved working arrangements. With a combined annual profit of more than $7 billion the big four can well afford to deliver wages that are better than the St George outcome." Mr Derrick said.

Consultations with FSU members continue today. A meeting will occur with St George on Thursday to fine tune arrangements based on member feedback. The final package goes to ballot of all St George employees on 4 August.

"We are very pleased that such a positive benchmark has been set in the first set of negotiations in the banking sector. Negotiations with the Commonwealth Bank continue and will shortly commence with National Australia Bank," Mr Derrick said.

For further information

Contact:	Sharron Caddie
Union:	Finance Sector Union - National Office
Phone:	039 261 5328
Email:	sharron.caddie@fsunion.org.au
WWW:	http://www.fsunion.org.au

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