The update follows CBA’s review of employee superannuation entitlements in 2017.
The review of employee entitlements includes items identified by CBA such as leave, pay and allowances, superannuation and other obligations under enterprise agreements and legislation. To date, a number of discrepancies in the calculation and processing of entitlements have been identified.
Not all former or current employees will be impacted. The review relates to employees paid through Commonwealth Bank Australian payrolls, including Bankwest.
Executive General Manager of Group People Services Andrew Culleton said CBA will continue the review and ensure its employees receive the entitlements they are owed.
“We regret these errors and apologise. Our people have worked, and continue to work hard to support our customers, and I want to assure them that we’re fixing our systems and processes so this doesn’t happen again,” Mr Culleton said.
“All impacted current and former employees with entitlements owing will receive back pay with interest and their leave balances adjusted where applicable.
“We have begun remediation and the first tranche will involve approximately 8,000 current and former employees receiving back pay totalling $4.8 million including interest,” he said.
Former Commonwealth Bank and Bankwest employees can contact CBA’s HR Direct team on 1800 989 696 should they have any questions regarding the review or their entitlements.