Corporate awards are awards that apply to certain businesses. They set the minimum wages and conditions for employees of one or more companies. The company name is often part of the title of a company award. ANZ also promised 10,000 frontline and back-office employees a 3 percent increase when it renewed its deal last year, and similar increases are expected to be negotiated this year. While the FSU and its members are agitated for increases of more than 3%, in line with the multi-year agreements negotiated earlier this year with Westpac and NAB, the pandemic has hampered the union`s bargaining power. A number of retail and fast food deals currently under the leadership of the Fair Work Commission, including McDonald`s, Hungry Jack`s, Big W, Kmart, BWS and Super Retail Group, typically link their annual wage increases to minimum wage decisions that have been 3% or more over the past three years. Officeworks, which employs 6,000 people, recently agreed to a 3 percent increase in the third and fourth years of its agreement. Wage growth appears to be accelerating for low-income people, with banks, retailers and fast-food giants promising larger wage increases for most workers in the new company deals. Suncorp`s announcement last week of 550 positions in its national workforce is expected to be the first in a series of industry-specific restructurings, with banks and insurers responding to revenue damages from COVID-19. The FSU already seems to be steering such a course, with Assistant Secretary Nathan Rees yesterday asking banks and other financial institutions to put employees` interests ahead of shareholders to support the national economy. The implementation of the RBA company deal comes just two weeks after central bank chief Phil Lowe said Australia was hit by a low-wage “crisis” and encouraged workers to demand higher wage increases.
Wage increases, which cover some of the largest employers in the economy like Westpac and McDonald`s, have led to increases of 3% or more in company agreements, well above the current wage growth of 2.3%. “When financial institutions are faced with a choice between wage increases or dividends, banks should prioritize the former, as they directly stimulate the consumption needed for recovery.” Steady progress has been made in the implementation of the “People and Culture” strategy in 2017/2018. . .