MyState Bank employees furious as management offers pay rise with strings attached
“Absurd” – that’s how MyState Bank workers are describing their employer’s latest pay offer, which promises a 12 per cent wage increase over three years but comes with cuts to conditions.
MyState Bank staff have lashed out at their employer for proposing a “disrespectful” and “absurd” pay offer they say would result in worse conditions for the workforce.
The Hobart-headquartered bank, which held its annual general meeting (AGM) on Tuesday, recently completed a merger with Auswide Bank and recorded a $41m profit last financial year.
It’s understood a representative of the Finance Sector Union (FSU) grilled MyState management at the AGM about the bank’s proposed new enterprise agreement.
The FSU said MyState had offered a pay increase of 9 per cent over three years, which 80 per cent of workers voted to reject in June.
Now the bank is putting forward a wage increase of 12 per cent but is proposing to reduce long service, personal, and sick leave entitlements, as well as cut redundancy payments from 40 weeks to 16 weeks, according to the union.
A MyState employee, who preferred to remain anonymous, said it was “outrageous and shameful” that the bank was attempting to “disguise cuts to our conditions as so-called ‘trade-offs’.”
“To present an offer that is worse than one we’ve already voted down is not only disrespectful, it’s absurd,” they said.
“This approach shows a complete disregard for the voices of staff and the value of our contribution. We deserve better.”
FSU national secretary Julia Angrisano accused MyState of treating its staff “with contempt” and refusing to work towards a “genuine resolution”.
“It is outrageous for the bank to cry poor while raking in more than $41m in profit,” she said.
“There is money for executives and shareholders, but apparently not for the people who make the bank run every day.
“Redundancy, long service leave and personal leave are not bargaining chips. They are fundamental entitlements that protect workers and their families.”
Ms Angrisano urged MyState to “front up and commit to good faith bargaining, respect its staff, and stop the cuts”.
The union said the bank had identified savings of about $25m through the merger process.
A MyState spokesman said discussions over the enterprise agreement were “progressing”.
“We remain confident of reaching a resolution that balances fairness to employees and long-term financial sustainability for the business,” he said.
MyState Ltd has 680 staff across its MyState Bank, Auswide Bank, TPT Wealth, and Selfco businesses.
It has more than 275,000 customers across Australia and manages $12.9bn in home loans, $10.1bn in customer deposits, and close to $1bn in funds under management.
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