30 Sep 2014

Action on equal pay

Andrew Thorburn today joined with some of Australia’s most prominent business leaders, calling for action on equal pay.

The Workplace Gender Equality Agency (WGEA) launched the campaign, saying just one quarter of Australian employers have taken steps to ensure they pay women and men fairly.

NAB is the only major bank to have conducted a gender pay equity audit, in conjunction with the Financial Services Union (FSU), to investigate possible causes or barriers to equal pay.

Andrew says gender equality is a critical to having a workforce that represents our customers and the community in which we operate.

“We know if we change Australia’s business culture to be more inclusive, it will contribute to a stronger economy – supported by a diverse business community able to respond to the different needs of customers.”

NAB’s pay equity audit identified that whilst men and women doing ‘like for like’ work are being paid equitably, there was opportunities to reduce the long-term financial impact of taking time out of the workforce to have or care for children.

We were this year the first major bank, and believed to be the first major Australian employer, to recognise up to 40 weeks of unpaid primary carers leave for long service leave purposes. NAB also offers paid superannuation on up to 40 weeks’ unpaid parental leave, in addition to 12 weeks paid parental leave

We have also committed to introducing remuneration reviews for all employees returning from parental leave.

NAB has also set targets to increase the number of women in senior management roles – to ensure transparency and accountability to our people and to the market, in relation to gender diversity performance.

Read the full report on the WEGA campaign here.

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