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NAB pay deal progresses

04 June 2014 3:45PM
A two year pay deal between National Australia Bank and its staff is ready to proceed to a vote.If passed, the deal will see NAB paying the highest "floor rates" of any big bank, the Finance Sector Union said.NAB will also scrap a long-standing classification structure, replacing four levels with seven.For level one and level two staff, the annual pay rise will be four per cent, made up of two per cent across the board from 1 October and a further two per cent performance pay bonus from 1 January each year.For levels three there will be minimum rates increase for of three per cent, paid three times during the life of the agreement. The FSU said this measure means a third of level three staff "will automatically receive an increase in their take home pay."The union, interestingly, has won better conditions for many senior staff.Senior NAB staff will have access to more information about their remuneration as well as the ability to seek a review or to appeal.This is a sign of successful recruitment by the FSU.The union is advocate for many of the bank's future leaders and is widely supported in the bank.On its website the FSU said: "Given the positive feedback from members we have advised NAB we will be recommending a 'yes' vote in that ballot."It said "improvements and safeguards" included in the proposed agreement relate to "classification review, job categories, an increases to floor rates, the centralisation of level three and level four remuneration decisions and the reporting of level three and level four remuneration outcomes as well as the appeals process."The staff ballot opens next Tuesday, 10 June.

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