While Bank of Queensland’s senior management was meeting with investors yesterday to discuss the bank’s 2021/22 results, its union members were meeting to discuss the bank’s latest pay offer.

The Finance Sector Union is unhappy with the deal the bank is offering, which it says is a real pay cut.

The bank’s offer, in negotiations for a new three-year group enterprise agreement, is for a 4 per cent increase for employees earning up to A$120,000 in year one, plus a cash payment of $1000 for employees earning up to $90,000.

This would be followed by increases of 3.5 per cent (for employees earning up to $90,000) and 2.75 per cent (between $90,000 and $120,000) in year two; and increases of 3 per cent (up to $90,000) and 2.5 per cent ($90,000 to $120,000) in year three.

Staff on salaries above $120,000 are not being offered any guaranteed pay rise.

The FSU said it is determined to “push BOQ Group to do better”.

For its part, the bank reported that it reduced “spot FTE” (full time equivalents) by 8 per cent in the 2021/22 financial year, which will provide “ongoing benefits” for the expense line.

It is looking for synergy benefits as it integrates ME Bank, which it acquired last year. This will likely involve further headcount reduction.