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Bank Pay Deal Rejected For Not Keeping Up With Inflation

AUSTRALIA

A pay deal by one of Australia’s largest banks NAB has been voted down by 53.9% of employees and was opposed by the financial sector union for not keeping up with inflation, a stand point which RBA Governor Lowe has recently warned against. Given imminent industrial relations legislation and a greater push by unions for pay increases closer to inflation, the RBA is likely to watch developments very closely.

  • NAB offered wage increases of up to 5%. Staff earning less than A$100k would receive a 5% rise in the first year and 4.5% in the second. Those earning more would receive 4.5% in year 1 and 3.5% in year 2.
  • Staff would also receive an extra week of special paid leave. Parental leave entitlements would be improved.
    - The Australian
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