Bank, Finance Sector Union reach agreement that will give employees the right to work from home and a new pay deal
National Australia Bank has reached an agreement with the Finance Sector Union that will give thousands of its staff the right to work from home as part of a new pay deal.
The move comes as companies in the country are grappling with different visions for the future of flexible working arrangements.
Under the agreement, NAB employees will have the ability to request flexible working options, with a focus on approving such requests, according to a report by The Australian. The deal also includes provisions for menstrual periods and menopause, as well as an internal dispute resolution process. Additionally, approximately 80% of NAB's 32,000 staff will receive a 17.5% pay increase over four years.
The agreement comes as the FSU continues to clash with Commonwealth Bank over that institution’s back-to-office edict, which the union says is in violation of the bank’s enterprise agreement.
The negotiations between NAB and the union were prompted by the rejection of a previous offer made in November, which included a 5% pay increase in the first year and a 4.5% rise in the second year. The new agreement provides a 5% pay increase this year and next for staff earning up to $100,000, followed by annual increases of 4% and 3.5%. It also introduces conditions such as cultural leave for Indigenous staff, The Australian reported.
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“Union members acting collectively gave the NAB a clear message that they deserved better pay rises than the bank was prepared to pay them, and by standing their ground, they have achieved a much fairer outcome,” FSU national secretary Juli Angrisano said in an interview with The Sydney Morning Herald.
Meanwhile, the FSU has sought the intervention of the Fair Work Commission regarding CBA’s requirement for staff to work at least half of their hours in the office. The union is calling for a consultation process in line with the CBA enterprise agreement and believes that the bank disregarded the agreement by unilaterally dictating changes to work-from-home arrangements.
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