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CBA (ASX:CBA) employees angry at ‘disrespect’

Major bank faces staff and union revolt as they fail to match the post-COVID pay rise of Westpac and NAB.
The post CBA (ASX:CBA) employees angry at ‘disrespect’ appeared first on Motley Fool Australia. –

business man giving thumbs down gesture

The offices of Commonwealth Bank of Australia (ASX: CBA) are not happy places at the moment, with staff angry at their post-COVID-19 pay offer.

CBA has offered a scale of a 2% rise for employees below $75,000 a year and 1.5% for those between $75,000 and $110,000. Those earning more than $110,000 face a wage freeze for at least 12 months.

According to the Finance Sector Union (FSU), Westpac Banking Corp (ASX: WBC) staff are receiving a 3.25% rise, while workers at National Australia Bank Ltd (ASX: NAB) and Bendigo and Adelaide Bank Ltd (ASX: BEN) will enjoy 3%.

‘Disrespectful’ offer rejected

FSU national secretary Julia Angrisano said it was a bitter pill to swallow, considering chief executive Matt Comyn will enjoy a 14% pay rise.

“CBA’s offer is disrespectful to all who have worked harder this year than ever, and staff believe they deserve at least a three per cent pay rise,” she said.

“CBA staff produced the largest banking profits for shareholders and have worked hard to maintain services to customers this year as Covid-19 hit and yet the CBA is short-changing them on pay.”

It’s understood about 30,000 staff members are covered under the FSU enterprise agreement. They collectively rejected the offer after a union briefing this week.

CBA declined to comment to The Motley Fool, citing confidentiality.

How is CBA going?

The bank last month announced a $9.6 billion statutory net profit after tax including discontinued operations, which was up 12.4% year-on-year.

Angrisano was amazed the low-balling could happen at an employer that admitted underpaying staff $57 million.

“When it comes to investors, they can. When it comes to executives, they can. But when it comes to staff, they just won’t,” she said.

“CBA is a leader in the industry, they can absolutely afford to match the competition’s pay increases in recognition of the extraordinary efforts that their staff have put in this year to keep them number one.”

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Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post CBA (ASX:CBA) employees angry at ‘disrespect’ appeared first on Motley Fool Australia.

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