‘I could face homelessness’: CBA workers revolt over pay deal after bank records $11bn profit
Commonwealth Bank (CBA) workers are threatening to walk out unless they get a better pay deal, with thousands telling their multi-millionaire boss they have had enough.
More than 3000 employees have signed a union-run petition calling on chief executive Matt Comyn to improve the bank’s latest pay offer.
The Commonwealth Bank has reported a record full-year profit of $10.98 billion. AAP
Employees have shared stories of struggling to pay bills, afford medication, and keep a roof over their heads.
The backlash comes just a month after CBA banked a record $10.98 billion full-year profit and Comyn’s remuneration jumped 30 per cent to $9.1 million.
“Most people think being a bank manager would mean I earn good money… I am considering working a second job on the weekend again.”
Under CBA’s current offer, almost half its Australian workforce would receive either no guaranteed pay rise or a total increase of just 2.5 per cent across three years, the Finance Sector Union (FSU) said in a statement.
Instead, employees want a 5 per cent annual pay increase (or CPI if greater) and guarantees around job security, workplace flexibility and safe staffing and workloads.
FSU claims the current proposal would leave about 71 per cent of its Australian workforce with a first-year pay rise below inflation.
“I could face homelessness if I get one large medical bill, or any unseen expenses. I can’t afford to keep up with my medications,” one employee told FSU.
FSU National Secretary Julia Angrisano hand-delivered a letter containing workers’ feedback to Comyn on Monday. 60 Minutes
Another said their family had already cut holidays, eating out and extracurricular activities for their children.
“There are no holidays, no eating out, no extracurricular activities for the kids anymore. We are pretty much just breaking even each month holding our breath for the next bill increase or rate rise to send us over the edge.”
One bank manager even said they were considering returning to weekend work.
“Most people think being a bank manager would mean I earn good money, but the truth is I don’t think I will ever be able to buy a home on this salary. I am considering working a second job on the weekend again.”
Another employee took aim directly at the proposed increase.
“It’s insulting to be offered a ‘pay rise’ which is below inflation - that’s a pay cut.”
FSU National Secretary Julia Angrisano hand-delivered a letter containing workers’ feedback to Comyn at the bank’s Sydney headquarters on Monday.
Comyn, boss at the ‘Big Four’ bank, recently took home a 30 per cent pay rise. nna\yashee.sharma
“CBA’s current offer rubs salt into employees’ wounds and only widens the already obscene pay disparity between management and the workers,” Angrisano said.
“I want Matt Comyn to read the thousands of comments we’ve received and tell everyone that he is okay with how his employees are faring.
“CBA can afford to do better… it’s workers certainly deserve better.”
The union said CBA’s lowest-paid workers earn $2.82 an hour above the national minimum wage of $26.44.
The dispute comes after the bank reported a 7 per cent jump in full-year profit to a record $10.98 billion last month, helped by strong home and business lending.
CBA has also cut 850 Australian jobs this calendar year while continuing to expand its workforce in India, according to the union.
In a statement to nine.com.au, a CBA spokesperson said negotiations over the employment deal were continuing.
“Our people are at the centre of CBA’s success and the outcomes we can deliver for our customers and communities.
“We have put forward a comprehensive proposal covering pay and a range of other employment conditions, which continues to be negotiated.
“We look forward to reaching an outcome.”
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