Bank eases stance on target-based pay

Westpac has offered staff a less rigid sales target system.

Staff who belong to the finance union, Finsec, will begin voting next week on whether to accept the latest offer in three months of employment contract talks with the bank.

Negotiations have focused on the use of performance targets that encourage employees to sell products to customers.

About 1500 staff went on a full-day strike on the last business day before Christmas over the performance targets.

Finsec campaign director Karen Skinner said Westpac and the union had negotiated an employment offer that included an agreement to develop a new pay progression system not based solely on meeting targets.

The offer also included provision for a number of long-serving staff to advance through the pay scale based on their years of service.

The proposed agreement will run for 16 months, instead of the earlier proposal of 18 months, and will include a 5.2 per cent pay rise.

Staff will hold meetings round the country to vote on the offer, with the result known after the last meeting on February 10.

- NZPA