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National Australia Bank (NAB) today announced it has reached an in-principle agreement with the Finance Sector Union (FSU) on a proposed new three-year Enterprise Agreement.
Chief Executive Officer Australia, Ahmed Fahour, said the in-principle agreement was an exciting step forward in NAB's strategy to re-ignite the business. The agreement covers all employees, including NAB and MLC staff, formerly covered by separate agreements.
"We have reached this point through a collaborative process with the FSU and extensive consultation and feedback with our employees," Mr Fahour said. "The agreement will support our cultural transformation through increased flexibility and simplicity, and recognises that we are a diverse workforce with different needs."
The comprehensive package, yet to be voted on by employees, involves a combination of fixed increases of up to 4% per annum over three years for many employees, a special share scheme and industry leading superannuation of 10%. The package will see more wage increases progressively being aligned with market movements. Wage increases paid in shares will also be phased in for most employees, as will superannuation increases, under the in-principle agreement.
"This innovative approach to remuneration will help employees achieve longer term financial security," Mr Fahour said. "The proposed agreement provides employees certainty around terms and conditions over the next three years and positions NAB well for future success."
The proposed agreement also contains features to better balance work and family commitments through improved parental leave provisions, a sick leave program based on needs and trust, and salary averaging options.
Under the agreement, NAB will work with the FSU and employees to develop a simplified job classification structure to remove the hierarchy and rigidity of the current structure that features 16 grade levels.
NAB employees will have the opportunity to vote on the proposed package in the coming weeks.
For further media information, please contact:
Jacqui Davis
Corporate Affairs Manager
National Australia Bank
Tel: (03) 8634 0954
Mob: 0419 166 237
Geoff Lynch
National Australia Bank
Head of Media Relations Australia
Tel: (03) 8634 1564
Mob: 0405 319 819
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