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
The Financial Advice Association Australia has appealed to licensees to urgently update their FAR records as hundreds of advisers are set to depart by the end of the year.
Demand for robo-advice tools is rising, a report has shown, but this is occurring simultaneously with rising demand for professional face-to-face advice.
ASIC has released the results of the latest financial adviser exam, held in November 2025.
Winners have been announced for this year's ifa Excellence Awards, hosted by Money Management's sister brand ifa.
