The Reserve Bank`s corporate agreement provides for a performance-based salary increase, which will be distributed from a pool equal to 2 percent of salaries. The agreement provides for an additional lump sum compensation, depending on the results, on a pool of 2% of salaries. The GSP negotiating framework limits wage increases by 2% per year, and then only in return for „productivity gains“ achieved by removing clauses from company agreements. The implementation of the RBA company deal comes just two weeks after central bank chief Phil Lowe said Australia was hit by a low-wage „crisis“ and encouraged workers to demand higher wage increases. Westpac`s most recent agreement, which covers 30,000 employees, provided 3.25 per cent increases this year and for the next two years, if only for those with salaries below $82,500. Officeworks, which employs 6,000 people, recently agreed to a 3 percent increase in the third and fourth years of its agreement. Wage growth appears to be accelerating for low-income people, with banks, retailers and fast-food giants promising larger wage increases for most workers in the new company deals. He said the agreements could also serve as a benchmark for raising wages for a wider economy. Wage increases, which cover some of the largest employers in the economy like Westpac and McDonald`s, have led to increases of 3% or more in company agreements, well above the current wage growth of 2.3%. The Reserve Bank is actively committed to promoting the economy, finance, mathematics and information technology as careers for women. The Bank`s Public Access and Education team is dedicated to providing information and learning to schools, universities and educators about the economy and the role of the Central Bank of Australia (see the „Community Engagement“ chapter for details).
In 2017, the Bank awarded its second annual teacher grant to promote and support economics studies in schools, especially women. During the year, the first fellow worked closely with the Bank during the year on a research project that examined factors that could promote the participation of female students in economics at the secondary and tertiary levels. Look for the list of corporate bonuses below to access the ones reserved for you. Some employers and their employees are covered by company bonuses or public reference prices. Read more about: The irony of RBA employees, who are receiving wage increases under inflation despite central bank concerns about a low-wage crisis, underscores concerns expressed by labor market experts about how policy and legislation undermine workers` room for maneuver to get wage increases. A number of retail and fast food deals currently under the leadership of the Fair Work Commission, including McDonald`s, Hungry Jack`s, Big W, Kmart, BWS and Super Retail Group, typically link their annual wage increases to minimum wage decisions that have been 3% or more over the past three years. Corporate awards are awards that apply to certain businesses. They set the minimum wages and conditions for employees of one or more companies. The company name is often part of the title of a company award.
In 2017/2018, steady progress was made in the implementation of the „People and Culture“ strategy. To support the first objective, the Reserve Bank conducted its third employee engagement survey in 2017. The survey is a useful tool to identify our strengths as an organization and opportunities for improvement. In the survey, employees reported a high level of engagement, which is consistent with the previous two surveys. .