Credit union Australia staff facing pay cuts


The Finance Sector Union (FSU) has called on Credit Union Australia (CUA) to withdraw a pay cut it is attempting to inflict on more than a thousand staff.

The largely Queensland-based financial institution has told staff not to expect a pay rise in 2020 and refused to negotiate a new Enterprise Agreement.

FSU Queensland Local Executive Secretary, Wendy Streets said CUA was not in financial difficulties, nor were directors and executives facing a pay cut.

“This is an example of yet another financial services company using the cover of Covid-19 to take pay increases away from hard-working staff,” Ms Streets said.

“CUA is the largest Credit Union in Australia. It appears to have no legitimate reason to cut the pay of its staff and it shouldn’t be using a pandemic to attempt to reduce its wages bill.”

“Employees at CUA have been working under difficult circumstances to deliver service to customers and to make sure they can continue to access the credit union’s financial products.”

“Expecting them to take an effective pay cut is a slap in the face for hard-working employees.”

“CUA has offered to review this decision early next year but without a commitment to either a pay increase or negotiations for a new agreement, this offer is simply not good enough,” Ms Streets said.

“What was once regarded as a friendly, community-centred credit union has now become just another financial services provider putting profits before people.”

/Public Release.