Australia’s most profitable bank pays some of the lowest wages in the banking sector.
Australia’s most profitable bank pays some of the lowest wages in the banking sector.

Australian Bank Ripped Off Super Entitlements Worth Billions

Australian Bank Ripped Off Super Entitlements Worth Billions

The Commonwealth Bank of Australia has been accused of refusing to pay the full employer superannuation entitlement to more than 7,000 part-time workers.
The Finance Sector Union claims some of the bank’s lowest-paid workers have been “ripped off” on the compulsory employer component since 2009, ABC reported.
FSU national secretary Julia Angrisano said the underpaid part-time Commonwealth Bank staff work in branches, call centers and administration areas with set hours each week. “The CBA has been ripping off some of its lowest-paid staff since at least 2009,” Angrisano said.
“We are committed to make sure the bank pays up. It’s bad enough that Australia’s most profitable bank pays some of the lowest wages in the banking sector—now we are finding that part-time staff aren’t getting their full superannuation entitlement.”
The union has received legal advice on the 9.5% super underpayment and plans to lodge the complaint with the Fair Work Commission unless the superannuation is paid back.
According to the FSU, the part-time staff impacted have been paid employer super to cover a set amount of hours but have been denied superannuation for hours worked over and above the agreement.
Angrisano said 89% of the underpaid Commonwealth Bank workers were women who did additional hours to manage staff shortages and peak periods. “They are the lowest-paid, they are the frontline staff and we believe they have contributed to the bank’s profit-making machine,” she said.
“They deserve their superannuation to be paid—we’re determined to get justice for our members.”
The latest allegations embroiling the Commonwealth Bank follow a report late last year by Industry Super Australia and CBus showing around a third of Australian workers are being ripped off on their superannuation entitlements.
The Commonwealth Bank said the complaints were being examined but that the 7,000 figure cited by the FSU was inflated. “We have assured the FSU that CBA understands the importance of superannuation to help secure and enhance the financial wellbeing of our employees, and are committed to ensuring that we comply with obligations to employees on this issue,” a spokeswoman said.

Short URL : https://goo.gl/kIfmzg
  1. https://goo.gl/sw0AaX
  • https://goo.gl/Q9l9lN
  • https://goo.gl/PkvugD
  • https://goo.gl/6eAqfk
  • https://goo.gl/ayzFd9

You can also read ...

Close to 40% of digital transformation initiatives will be supported by AI capabilities.
The digital economy in Asia-Pacific, or APAC, is expected to...
An electronic stock indicator of a securities firm in Tokyo.
As investors come to terms with the impending end of easy...
Maersk is expanding its competitive universe to include different types of companies.
The world’s largest container company will start looking for...
Most economists would agree that Italy needs faster economic growth if it is to resolve its public debt  and banking-sector problems in an orderly manner.
Italy’s economy is growing again, but it’s still the worst...
More Scots Jobless
Scotland’s unemployment rate rose to 4.5% in the final three...
CBs May Top Inflation Targets
Not only will central banks meet their inflation targets, they...
Lloyds Profits Miss Forecasts
Lloyds Banking Group PLC raised its 2017 dividend by 20% and...
Pak Current Account Gap Widens
Pakistan’s current account deficit widened 28.74% on a month-...

Add new comment

Read our comment policy before posting your viewpoints