FSU looks to take Cbus to Fair Work Commission

The Financial Sector Union (FSU) is looking to take industry fund Cbus Super to the Fair Work Commission over a move to levy pay cuts in return for superannuation guarantee (SG) payment rises.

The Construction, Forestry, Maritime, Mining and Energy Union (CFMEU) said it stood with the FSU and its members on their intention as it said Cbus had showed “unconscionable and predatory behaviour”.

CFMEU state secretary, Michael Ravbar, said: “Not only are Cbus trying to remove more than 100 employees from their enterprise bargaining agreement (EBA), they are seeking to trade off a legislated superannuation increase – that Cbus has long advocated – for a cut in take-home pay.

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“This is cynical corporate hypocrisy at its very worst. This sort of [behaviour] might have been standard operating procedure at cut-throat investment houses like Goldman Sachs and BlackRock where Cbus chief executive Justin Arter previously worked, but it has no place in an Australian industry super fund.”

Ravbar said the fund want to impose email monitoring and other surveillance measures on employees as part of a new non EBA contract. 

“It beggars belief that an industry fund born of the union movement as a guardian of workers’ capital now seeks to treat its own workers like dirt, and highlights how out of touch Mr Arter’s rapacious approach to management is with industry fund values and culture,” Ravbar said.

A Cbus spokesperson said: “We care about our people and are committed to their conditions. Cbus is at the start of discussions and they are discussions in good faith.

“There are a range of matters being explored and put forward for constructive consideration, including discussions with members of the Investments team about whether they remain in the scope of the EBA or convert to having their terms and conditions of employment set through individual employment contracts.

“The SG clause was included in an early externally prepared draft of a template of a proposed contract for discussions with, and to obtain feedback from, our Investments team. It does not represent our values nor our objectives. We have withdrawn the draft.

“Staff will be provided with opportunities to learn more about EBA progress.”

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