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CBA "far too slow" to rectify known underpayment risks: FWO
Commonwealth Bank and its subsidiary CommSec have been fined $10.34 million for "systematic" underpayments, after taking years to address non-compliance it was aware of.
In a decision handed down yesterday, the Court found CBA and CommSec had breached multiple parts of the Fair Work Act, including some serious contraventions that they committed "knowingly".
It found more than 7,400 CBA and CommSec employees were underpaid $16.07m, from 2015 to 2021.
Fair Work Ombudsman Anna Booth, whose predecessor announced in late 2021 that she was pursuing CBA over the underpayments, said senior managers failed to put "basic safeguards in place to ensure their approach to remunerating staff did not lead to underpayments and they were far too slow to take action once clear risks of non-compliance were brought to their attention"...
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