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.”