CBA to repay employees $53m in backpay
The Commonwealth Bank (CBA) will repay $53 million in backpay with interest to thousands of employees, following underpayments of pay and entitlements in 2017 in relation to superannuation, according to the Finance Sector Union (FSU).
The FSU national secretary, Julia Angrisano, said the underpayments were a result of excessively complex individual employment arrangements.
“Whilst the underpayments should never have occurred, the CBA has undertaken an extensive audit to identify affected staff resulting in many receiving their backpay prior to Christmas,” she said.
“The FSU and its members are committed to working with the CBA to ensure that each and every anomaly in pay and entitlements results in repayment.
“While the CBA was initially slow to accept that serious errors had been made in the pay and entitlements of thousands of workers, the bank has done the right thing by staff by conducting an intensive investigation.”
Recommended for you
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.
A $3.5 million settlement for victims of Melissa Caddick has been approved by the Federal Court following an initial agreement last December.
The Reserve Bank of Australia has delivered its first rate decision since the introduction of a new board structure last month.
Digital advice provider Otivo has launched an interactive tool, powered by artificial intelligence and Otivo’s own advice engine, to help answer client questions.
