KEY POINTS:

· The ratification vote on the collective agreement closed on 7 October. 60% of eligible BNZ members participated in the ratification vote. 62% of those who voted, voted to accept, with 38% of members voting to reject
· The bank has been advised that the collective agreement has been ratified

ACTION:

Delegates please ensure that all workers in your site or branch, members and non-members, are aware of the outcome of the ratification vote and that negotiations have now concluded.

An accept – but not a resounding endorsement

The majority of Finsec members voted to accept the BNZ offer and we have informed the bank of this. However, the vote was not a resounding endorsement. Many members who voted were concerned about the two year term and the pay offer not being fair given the bank’s profit and the big increases in costs of living.

However, the increase is better than 49% of New Zealand workers achieved last year and is close to what was achieved in the other major banks under our coverage. If we continue to grow our union and get active in support of our goals, we can achieve better in the future and address issues like the term of our agreement, a fair pay increase for everybody and ensuring we don’t lose important rights from our Collective Agreement.

Thank you to all who participated

The BNZ Union Council would like to thank everyone who participated in the bargaining process and acknowledge that while the outcome was not everything we wanted, we were able to achieve an OK result in difficult circumstances.

From your BNZ Union Council