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Unionised workers at Westpac have voted in favour of a deal that gives them 4.5 per cent pay rise and parity with the top paying bank in the industry.
The financial services union Finsec says the deal means most workers will be paid the same as workers at ANZ National Bank, historically the highest payer of workers in the industry. Finsec also said Westpac had agreed to consider removing sales targets from pay progession,
Workers had protested against the morality of having to push debt to earn more.
"Pay parity at Westpac is the result of workers organising a strong campaign over three years," Andrew Campbell, Finsec's campaigns director, said.
The vote in favour came after a round of meetings over the last fortnight.
He said the offer from the company included a 4.5 per cent pay rise, additional steps on the top of the pay scale that means many top pay rates will be comparable with ANZ National pay rates, and a focus on rewarding staff for skills rather than performance targets.
Finsec previously said that the offer would raise the top amount a Westpac worker could earn by between 7.1 per cent and 11.8 per cent, depending on their job.
- NZPA
