Most of the Commonwealth Bank's 23,000 employees will received a pay rise of 3.75 per cent, back-dated to July 1, under a short-term rollover deal negotiated with the Finance Sector Union and approved by the Fair Work Commission last week. Workplace Express reported on the agreement.Employees rated as at least a "valued contributor" will receive the standard rise of 3.75 per cent, while an employee who "requires development" will get only a two per cent increase, and "satisfactory" employees will miss out altogether. The bank paid the back-dated rises on September 19, after employees voted for the agreement. The rating-based framework in the latest deal is the same as that in the bank's 2011 agreement, which provided for a slightly higher rise, of four per cent, for most employees. The arrangements are also similar to the pay rises provided by Westpac this year (3.75 per cent, 2 per cent and 0 per cent) and ANZ (3.25 per cent, 1.5 per cent and 0 per cent), according to the FSU. Like the 2011 deal, the new CBA agreement also provides for substantial performance pay, of up to nine per cent for general classification and service employees, and of 10.5 per cent for assistant managers, and 15 per cent for managers. The new agreement nominally expires on June 30 next year and doesn't provide for any pay rises beyond this year's back-dated July 1 rise.