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NAB to Backpay $127M to Underpaid Staff
The bank will also make a $2 million contrition payment and overhaul payroll controls after the Fair Work Ombudsman found long-running wage failures.
- On Thursday, National Australia Bank admitted to underpaying 66,000 current and former staff $169 million over a 14-year period dating back to October 1, 2012.
- NAB first reported these pay issues in 2019 yet failed to fully resolve them for seven years; deficiencies in governance, record-keeping, and legacy payroll technology caused the persistent underpayments that continued until this year.
- The repayment includes $127 million in wages, $34 million in interest, and $8 million in superannuation, with individual payments ranging from less than $5 to more than $87,000 and an average back-payment of about $1,934.
- NAB entered an Enforceable Undertaking with the Fair Work Ombudsman , making a $2 million contrition payment to the Commonwealth Consolidated Revenue Fund and committing to implement new payroll systems and third-party audits.
- Parliamentarians questioned CEOs from Australia's big four banks this morning in Canberra over two days, with the House of Representatives Standing Committee on Economics focusing on how profit growth and job cuts serve customers.
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A giant bank, which was found to have underpaid its employees for approximately 14 years, has taken action to rectify its mistake. The bank will pay a record amount of compensation to 66,000 former and current employees.
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NAB to backpay $127M to underpaid staff
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Total News Sources16
Leaning Left6Leaning Right3Center4Last UpdatedBias Distribution46% Left
Bias Distribution
- 46% of the sources lean Left
46% Left
L 46%
C 31%
R 23%
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