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Communist Party of Australia

We acknowledge the Sovereignty of the First Nations’ Peoples.

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Issue #1610      September 11, 2013

Super increase at risk

Finance Sector Union (FSU) members and ANZ employees voted overwhelmingly last year to endorse the ANZ Enterprise Agreement 2013-14 (the Agreement) which includes a pay outcome that assumes that super contributions from the bank will go up by 0.25% to 9.5% on July 1, 2014 on its way to 12% in a few years’ time.

In the lead-up to the federal election on September 7 the leader of the Opposition Tony Abbott has said a Liberal/National coalition government will not proceed with the superannuation guarantee (SGC) increase in 2014 or the 0.5% super increase scheduled for 2015 that would take bank contributions to 10%.

This means the SGC increase from July 1, 2014 could be at risk. FSU members have already voiced concerns about how a third party could threaten provisions in the Agreement, negotiated in good faith and endorsed by an overwhelming majority.

On August 26 the union wrote to ANZ CEO Phil Chronican seeking urgent clarification as to whether ANZ intends to deliver the 0.25% superannuation increase on July 1, 2014 provided for in the Agreement regardless of whether it continues to be “compulsory” under prevailing legislation at the time it falls due.

The union says FSU members deserve to know what will happen with their super increase prior to the election on September 7.

Next article – Rinehart’s greed

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