Commonwealth Bank staff offered option of buying extra leave
16 November 2006
Commonwealth Bank staff are now able to ‘buy’ annual leave entitlements and amortise the cost across a nominated period of time, as part of the Bank’s strategic program of building trust and team spirit through encouraging employee wellbeing.
Eligible staff can purchase up to an additional four weeks annual leave per year.
"The Commonwealth Bank is introducing a range of initiatives aimed at helping our staff to balance work, life and care responsibilities and provide support for their health and wellbeing," said Terry Mason, Commonwealth Bank Executive General Manager – Talent and Development.
"The option to allow them to purchase up to four weeks extra leave per year will enable our people an opportunity to take an extra break and still be paid."
Mr Mason said the buying time initiative was specifically designed for those who want to spend extra time with their family, go on an extended holiday, pursue a hobby or who require additional study leave.
"While the Bank’s staff leave entitlements are versatile and generous it is important for us to ensure our staff remain happy and healthy and that we attract and retain the best employees by looking after their interests. The buying time initiative provides a platform for us to deliver on these options for our staff."
Different from annual leave, the leave is ‘purchased’ by reducing the staff members’ weekly income over a 12 month period by the cost of the leave requested.
The Commonwealth Bank has recently introduced a number of varied initiatives for all staff including specific programs for carers and parents.
"In order to realise our strategic vision to be Australia’s finest financial services organisation through excelling in customer service, we need to be innovative and flexible in our approach to our people and try to develop employment programs that meet their varying needs."
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