Bulletin 16 - $10,000 over four years – What is it worth? - Issued 6 December 2021
My improved offer of a new Power and Water Enterprise Agreement is providing $10 000 (gross) over four years as follows:
- $4 000 lump sum (gross) payment in January 2022 and
- $2 000 lump sum (gross) payment payable in July 2022, 2023, and 2024
The table below shows a mid-point salary of a range of PWC classifications and how the lump sum would equate to a % payment against the salary. The table shows significant benefit across the classifications, especially for lower paid workers.
|Annual Salary||January 2022||July 2022||July 2023||July 2024|
|$4 000||$2 000||$2 000||$2 000|
|Band 1||$64 796||6.17%||3.09%||3.09%||3.09%|
|Band 2||$91 182||4.39%||2.19%||2.19%||2.19%|
|Band 3||$116 407||3.44%||1.72%||1.72%||1.72%|
|Band 4||$148 588||2.69%||1.35%||1.35%||1.35%|
Percentages have been rounded to nearest second decimal place.
More Money - More Superannuation
Employer superannuation guarantee (SG) is applicable to the lump sum payments (excluding defined benefit schemes). SG is currently 10%, and set to increase by 0.5% each year on 1 July, reaching 11.5% on 1 July 2024.
The $4 000 lump sum (gross) payment will provide $400 SG to your superannuation fund.
The three additional $2 000 lump sum (gross) payment will provide $660 SG to your superannuation fund based on the increased SG rates over the next three years. This is a total of $1 060 SG over the term of the agreement, in addition to the $10 000 lump sum (gross) payments.
Make YOUR Vote Count
Power and Water Bulletin 14 contains information about the ballot process. The ballot opens on 7 December 2021, and I encourage you to have your say by casting a vote.
If the majority of employees who vote, vote YES and the Fair Work Commission approves the agreement, the current agreement will be replaced. Employees will receive the 3 days Christmas Closedown provisions this year, and the first $4 000 lump sum (gross) to be paid in January 2022.
Full detail of my improved offer
For further information on the proposed agreement (to have terms of the agreement explained to you, and the effect of those terms); the explanatory notes, or the ballot process, please contact Colin Edwards at Power and Water on 8936 4701, or Damien Doherty at OCPE on 8999 4171.
Regular updates in relation to the bargaining process are available on the OCPE Webpage at the following link Power and Water Corporation Enterprise Agreement Negotiations.
Vicki Telfer PSM
Commissioner for Public Employment
6 December 2021
Last updated: 10 May 2022
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