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The Gossip - news from the Finance Sector

The latest news from the FIRST Union finance sector unofficial weblog!

 

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  • Co-operative Bargaining with FIRST

    Tuesday, May 15, 2012

    FIRST Union members at the Co-operative Bank are getting ready for bargaining with meetings to determine and prioritise claims. The bargaining is definitely different in name, as last year it was Finsec and PSIS who met across the table! Both organisations have been through significant change.

    Meetings to discuss union claims for bargaining will take place from 14-25 May. These will be followed up by pre-negotiations meetings over the second half of June.

  • Westpac to review geographical setting of targets

    Tuesday, May 15, 2012

    FIRST Union representatives met Westpac GM of retail Gai McGrath last week, to discuss targets.

    Union Councillor Craig McKinnon said that the council presented the results of the recent survey of Westpac staff. “Staff largely accept that targets are part of the way the bank does business,” said Craig. “But we want more of a say in how they are set, and for more team targets for some products and services.”

  • Offshoring costs more than money

    Friday, April 27, 2012

    Australian Finance Sector Union  national secretary Leon Carter says that offshoring costs more than money, that it costs jobs, the benefits those jobs bring the wider community and that there are risks with sending financial data overseas.

    More than 6000 finance sector jobs have been offshored from Australia since 2007. Carter says that the only reason jobs are offshored is to save money – “why pay an Australian finance worker a decent wage when I can pay someone overseas a lot less?”.

  • Bank profit back over $3 billion while economy stagnates

    Friday, April 27, 2012

    Combined bank after-tax profits soared to $3.3 billion last year, a figure that FIRST Union Finance Secretary Andrew Casidy described as problematic in an otherwise sluggish economy.

    “Why is it that bank profits increase by 20% in a year, when many other industries, not to mention ordinary families, continue to struggle?” asked Andrew Casidy.

  • AIL member benefits

    Thursday, April 5, 2012

    Members should have by now received a letter reminding them of the AIL benefits. This includes a Free $1500 Accident Cover, plus an additional $10,000 Accident option that costs just $2. To take advantage of this offer, members just need to complete and return one of the yellow reply cards.

  • Working weekends is ordinary, according to Aussie banks

    Thursday, April 5, 2012

    Some of Australia’s biggest banks – including Commonwealth, ANZ and Westpac – have applied to authorities to have weekends included as ordinary hours of work. They want ordinary hours to include 12pm-6pm on Saturdays and 8am-6pm to “promote flexibility in the workplace”.

    The Finance Sector Union told the Australian authorities that most workers would not be impacted by the change to the Award, but expressed concern that the banks were looking to remove penal rates from the award in the longer term.

  • Loan sharks will still bite without interest rate caps

    Thursday, April 5, 2012

    FIRST Union says that reform of loan sharks would not be complete without the introduction of interest rate caps.

    “The government changes announced this week by the Consumer Affairs Minister will not stop loan sharks targeting the needy,” said FIRST Union Finance Secretary Andrew Casidy.

  • Choc till you drop

    Thursday, April 5, 2012

    If you’re contemplating indulging your sweet tooth with a few chocolate treats this Easter, here are a few facts to chew on:
    - 76 percent of us bite the ears first when we eat a chocolate bunny, 5% eat the feet first and 4% eat the tail.
    - Nearly two thirds of us prefer milk chocolate (65%) over dark chocolate (27%)
    - The first chocolate eggs were made in Germany in the 19th century.

    90% of adults hope that Easter eggs are not just for the kids and that they’ll get some goodies too. Only 90%?

  • FSU welcomes reforms that put customer interest before profit

    Monday, April 2, 2012

    The Finance Sector Union of Australia has welcome the passage of Future of Financial Advice Bills through their House of Representatives.

    The reforms mean that for the first time financial planners will be required by legislation to act in the best interest of their clients. Sales commissions and other forms of conflicted remuneration will be prohibited.

  • Co-operation on Co-operative Bank Council

    Monday, April 2, 2012

    The FIRST Union Council for the Co-operative Bank has been confirmed – and is taking the name of the bank to heart, with councillors based in Napier and Hastings planning to work together to help grow the union.

    Anishea Te Ngaru is the new councillor joining Julie Carson-Wright, Helen Taunt and Lynne Owen. Anishea is looking forward to using the skills she’s developed as a delegate in Hastings to even greater effect throughout the organisation.

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