Enterprise bargaining produces superior wage outcomes for finance workers

FSU

Union negotiated Enterprise Agreements consistently deliver higher wage outcomes for finance workers, according to the Finance Sector Union of Australia’s analysis.

FSU National Secretary Julia Angrisano said claims by business groups that enterprise bargaining was on the verge of collapse were wrong.

“We have concluded Agreements with large companies like Australian Super, Allianz, BCU, HESTA, Hostplus, IAG and NAB in the last 18 months.”

“In many of these Agreements the FSU achieved pay rises in excess of three per cent and significant improvements in conditions.”

Ms Angrisano said the FSU and its members at the CBA were currently negotiating their first Enterprise Agreement in five years because the Bank finally realised it was better for the long-term health of the business to support enterprise bargaining.

“The CBA has seen the light but the Business Council of Australia (BCA) wants to have a bet each way, suggesting on one hand, the EA system is on its last legs but then saying it was the best way to keep people in work and enable businesses to grow and succeed.”

“The reality is the Enterprise Bargaining system has suffered a death by a thousand cuts, talked down by cynical employers which refuse to genuinely engage and actively resist negotiating about pay and conditions. With low wage growth now widely regarded as being a break on the national economy, you would have to ask how these companies intend to offer wage growth to reward workers.”

Ms Angrisano said it was a case of the usual suspects white-anting the enterprise bargaining system: the AIG, Master Builders, and Australian Mines and Metals.

“They were the group which walked away from last year’s talks on Industrial Relations.”

“Now we are left with a deeply flawed Omnibus IR Bill making its way through Parliament which if passed, will severely weaken the current system and leave workers with little chance of achieving real pay rises.”

/Public Release. This material comes from the originating organization and may be of a point-in-time nature, edited for clarity, style and length.