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National Australia Bank today announced it has certified a new three-year Enterprise Agreement in the Australian Industrial Relations Commission (AIRC).
The announcement comes after 88 per cent of NAB employee votes cast were in favour of the new Enterprise Agreement in a ballot held last week.
Chief Executive Officer Australia, Ahmed Fahour, said the new agreement provides significant benefits for employees and would assist the company in the next phase of its turnaround plan.
"The new agreement is a major step in the integration of our organisation - aligning core terms and conditions across our businesses."
The NAB Enterprise Agreement 2006 - 2009 covers all employees, including NAB and MLC staff, formerly covered by separate agreements.
The package offers a combination of fixed pay increases up to 4% per annum over three years for many employees, a special share scheme and industry leading superannuation of 10%. It also provides increased support, choice and flexibility to help employees better balance work and personal commitments through improved parental leave provisions, salary averaging options and increased salary packaging.
"The new agreement demonstrates a real re-investment in our people, while still being affordable," Mr Fahour said. "It will provide our employees with certainty around terms and conditions over the next three years as we move forward in our strategy to re-ignite the business and become truly competitive."
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For further media information, please contact:
Jacqui Davis
Corporate Affairs Manager, People & Culture
National Australia Bank Limited
T (03) 8634 0954
M 0419 166 237
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