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BRIEF-Commonwealth Bank Of Australia Provides Employee Entitlements Review Update

Published 13/12/2019, 09:35 am
© Reuters.  BRIEF-Commonwealth Bank Of Australia Provides Employee Entitlements Review Update
CBA
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Dec 13 (Reuters) - Commonwealth Bank of Australia CBA.AX :

* EMPLOYEE ENTITLEMENTS REVIEW UPDATE

* REVIEW HAS EXAMINED PAY AND A BROAD RANGE OF ENTITLEMENTS FOR CURRENT AND FORMER FULL TIME, PART TIME AND CASUAL EMPLOYEES BACK TO 2010.

* CBA EXPECTS REMAINING PAYMENTS TO BE APPROXIMATELY $25M PLUS INTEREST

* TO DATE, CBA HAS NOTIFIED OR REPAID APPROXIMATELY 41,000 CURRENT AND FORMER EMPLOYEES WITH $13.2M OF BACK-PAY PLUS INTEREST

* REVIEW IS SUBSTANTIALLY COMPLETE AND WILL BE FINALISED THIS FINANCIAL YEAR.

* CBA WILL COMMENCE PAYMENTS OF A FURTHER $14.9M PLUS INTEREST NEXT WEEK

* WHERE APPLICABLE, LEAVE BALANCES HAVE BEEN INCREASED AND ADDITIONAL SUPERANNUATION CONTRIBUTIONS PAID

* "IT IS UNACCEPTABLE THAT SOME OF OUR PEOPLE WERE NOT PAID CORRECT ENTITLEMENTS"

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