Members of the Finance Sector Union (FSU) employed at the Commonwealth Bank (CBA) first raised the issue of serious underpayments of pay and entitlements in 2017 in relation to superannuation.
Now that the CBA has audited pay and entitlements for thousands of staff, the full extent of the underpayment has been revealed with the total amount now reaching $53 million in backpay with interest.
Finance Sector Union National Secretary Julia Angrisano said FSU members should be congratulated for their vigilance in raising these issues with the union.
"These underpayments were the result of excessively complex individual employment arrangements," Ms Angrisano said.
"Whilst the underpayments should never have occurred, the CBA has undertaken an extensive audit to identify affected staff resulting in many receiving their backpay prior to Christmas," she said.
"The FSU and its members are committed to working with the CBA to ensure that each and every anomaly in pay and entitlements results in repayment."
"While the CBA was initially slow to accept that serious errors had been made in the pay and entitlements of thousands of workers, the bank has done the right thing by staff by conducting an intensive investigation."
