Bargaining with Westpac concluded late Wednesday night, with an offer that will now go to a ratification vote of all members. The union bargaining team is recommending this settlement to members.
The key difference with the offer is that term and pay offer has moved from 3.2% for 15 months, to 3.2% for 12 months (effective from 1 December if the vote is to accept). The annualised increase has gone from 2.56% to 3.2% and the term would now be one year.
Bargaining team member Craig McKinnon said that the outcomes this week reflect the power of membership resolve that settlement would not be achieved without Westpac movement. “In light of the bank’s huge profitability and CEO salary, and to recognise our hard working year, we wanted members concerns addressed.”
“We’re very pleased with the deal to go to members, and that Westpac has stepped up to lead the sector with their rate and term,” said Craig. “It’s significant that, if this settlement is ratified, we will have the opportunity to go back and bargain with the bank in a year’s time.”
Most ratification meetings will be run by delegates. More information will be sent to all worksites soon.