Mystate bank fails to keep Up with industry payrise benchmarks


MyState Bank likes to promote itself to customers as Tasmania’s switched-on modern alternative to Australia’s ‘Big Four’ major banks.

But when it comes to recognising the hard work of its employees, Mystate Bank is penalising its staff by offering wage rises below industry standards.

Finance Sector Union (FSU) Tasmanian Secretary Nicole McPherson said other banks understood the contribution its employees made to profits, with most offering employees pay rises of 3% or more.

“Mystate is offering its staff a substandard pay rise in the current round of enterprise negotiations and that’s not good enough,” Ms McPherson said.

“A two per cent pay offer in years two and three of this proposed Agreement short-changes MyState staff and it short-changes the Tasmanian economy because if workers were given a proper pay rise, chances are they would spend that money in Tasmania.”

Ms McPherson said the FSU had already succeeded in heading off a Mystate bid to slash redundancy payments by 70 per cent.

“Now we are seeking a fair pay rise for bank workers who have kept Mystate Bank’s profits rolling in and kept working through the national Covid lockdown because they understand banking is an essential service.”

“Low-ball pay offers are not the hallmark of a modern, forward looking financial services company that values its staff,” Ms McPherson said.

“We are determined to secure a decent pay rise for Mystate Bank staff, and we call on the Mystate Board to ensure its HR Department starts negotiating in a fair and transparent fashion.”

“Up until now, this bank is using old-fashioned industrial relations tactics by refusing to consider any other proposals than its own.”

“That’s clearly not the way to get a fair and equitable negotiated outcome that delivers for workers.”

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