The Commonwealth Bank has undertaken to provide both the Senate Economics Committee and the Finance Sector Union (FSU) with an update of the remediation and review process it put in place to address the underpayment of the superannuation to some of its staff.
The big banking group used an answer to a question on notice from the chairman of the committee, Queensland Labor Party Senator, Chris Ketter.
The review and remediation process was put in place by the bank after complaints from the FSU that it had not been appropriately paying the superannuation guarantee to part-time workers working additional hours.
The banking group said it would provide both the committee and the union with an update on the progress of the review and remediation, including total payments in relation to reimbursement of superannuation for unpaid additional hours for part time workers.
It said this would occur when the bank had completed its internal review, currently targeted for end of June.