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CBA ... NOT a Good Day

CBA … Not a good Day!

This story should make you angry and scare the shit out of you. A major corporation that has gone through a Royal Commission into BAD behavior, continues to raise interest rates before they go up, is slow to decrease rates when they go down, knowingly underpaid staff over 16 million, when last year they made, “….Commonwealth Bank has unveiled a cash net profit from continuing operations for the 2020 Financial Year of $7.3 billion, which reflects the continuing strong performance of the Group…” So they make 7.3 billion dollars and couldn’t, or wouldn’t pay 16 million, take their Banking license off them!

 

CBA faces massive fines after admitting to knowingly underpaying staff

David Marin-Guzman  Workplace correspondent

Apr 18, 2023

Share Commonwealth Bank of Australia has admitted to knowingly underpaying thousands of staff more than $16 million through mass use of individual agreements that unlawfully undercut union agreements, exposing it to massive fines.

The country’s largest bank accepted allegations in the Federal Court that its senior managers were repeatedly on notice that workers were getting underpaid since 2010 but failed to fix the issue and even misled staff and the workplace umpire that it was complying with the law in what it conceded was a decade of “systematic conduct”.

The Commonwealth Bank has admitted senior HR staff were indifferent and reckless to the underpayments. The bank and its CommSec arm have admitted they collectively underpaid 7402 employees $16.1 million from 2015 to 2021 – the period under the six-year statute of limitations – all of which the group has since paid back with interest.

But it is the group’s admission that it knowingly or recklessly underpaid the workers that will expose the banking giant to fines of up to $660,000 per breach under the Fair Work Act’s provisions for serious contraventions of workplace laws.

The Fair Work Ombudsman’s legal action against CBA is one of the biggest underpayment cases the watchdog has taken on, next to Coles and Woolworths, and is a rare instance of a major corporation knowingly underpaying staff for years.

Dash Editor

Self-confessed confused news junkie, with lifelong additions to coffee, great conversations, perfection in all its forms, cold wine, hot music and puppy dogs.

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