Commonwealth Bank Enterprise Agreement 2020

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However, the Bank insists that wage supply, still well above inflation, is necessary to preserve employment during the greatest recession since the Great Depression. Staff and personnel sources told the Australian Financial Review that the bank was inciting IFAs to recruit new employees in the workplace, with workers saying they felt they either had no choice or did not understand that they were giving up their rights. Some executives who earn more than AUD 110,000 a year and whose salaries are governed by the company agreement receive significantly less than headline increases. « It is important that our balance sheet has further strengthened and that we have ended the year with a very strong capital position. CBA is one of the largest and best-capitalized banks in the world. The Bank has nearly 15,000 employees with Individual Flexibility Agreements (IFAs), far more than any employer, under agreements that remove mandatory days off, overtime pay, annual leave load, guaranteed wage increases, maximum hours and other rights to company agreements in exchange for higher pay and bonuses. The wage increases contrast with pre-pandemic deals with the other banks, with National Australia Bank and Bendigo Bank expected to raise wages by 3% this year and Westpac by 3.25 per cent. « The company agreement was never offered, it was literally just the individual agreement, » said an employee in the bank`s line of business.

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