Record Westpac profit bodes well for workers

Media Release
Finsec, the finance workers' union

Thursday 3 November 2005

For immediate release

Record Westpac profit bodes well for workers

Westpac’s record pre-tax operating profit of $708 million, announced yesterday, puts it in a strong position to address its workers’ claims at next week’s employment negotiations. Staff at Westpac have worked hard over the past year in a competitive environment to deliver Westpac New Zealand yet another record result. Those staff who belong to the finance workers’ union, Finsec, enter collective employment negotiations with the bank on Wednesday next week.

Those staff expect to see their issues around workload, staffing levels, a sales target-based pay system and lower pay compared to other major banks addressed next week in their collective employment negotiations.

“The bank now clearly has the money to solve the strongly held concerns that staff have about their employment conditions. We’re hoping that they also have the will to reward their staff who delivered them this huge profit, by responding to those concerns with a fair offer.” Said Finsec’s Campaigns Director, Karen Skinner,

Staff deserve congratulations for the loyal work they have given the bank over the past year. But more than that, they will be looking for a fair pay progression system that rewards staff who work together to provide good customer service, rather than forcing staff to compete against each other and chase targets that the bank keeps moving.” Said Ms Skinner.

ENDS

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