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Changes to the Banking, Finance and Insurance Award – March 2020

Published May 05, 2020 (last updated July 22, 2020) Author: Employsure
Finance Employee Pointing At Computer Screen Banking Insurance Award

The Fair Work Commission has recently clarified the way some Award provisions apply, and made minor amendments to the Banking, Finance and Insurance Award itself.

What are the changes?

  • The definition of shiftworker has been clarified so it is clear that a shiftworker’s ordinary hours can only be worked between Monday and Friday, and Saturday 8.00am to 12.00pm. If they work a shift on a Saturday afternoon or evening, or Sunday (ie outside of ordinary hours), overtime rates apply.
  • The definition of ordinary hours has been clarified to ensure it is clear that the span of ordinary hours can be extended to 9.00pm on not more than one day per week Monday to Friday only (ie not a Saturday or Sunday).
  • The Award allows some clauses to be varied by agreement with an individual employee. A new clause has been introduced summarising the provisions where this is possible.

What do I need to do?

  • If you employ shiftworkers, ensure you are applying the above definition so that the employee’s rates of pay are accurate.
  • If you have extended the span of ordinary hours to 9.00pm on one day in the week, ensure this is only on a Monday to Friday (and not on a Saturday or Sunday).
  • If you wish to vary any Award terms, contact us for further advice.

How can Employsure help me?

Not a client? If you need help understanding and implementing these changes, please contact Employsure on 1300 207 182 and we can give you free, initial advice on this topic. If you’d like more help implementing these changes in your business and are interested in ongoing support, Employsure can help you.

Employsure clients affected by the changes to the Banking, Finance and Insurance Award have been notified of these changes by email. Get in contact with Employsure if you have any trouble understanding or implementing these changes.

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Frequently Asked Questions

  • When did these changes come into effect?

    These changes came into effect on Monday 20 March.

  • Has the Pay Rate Schedule changed?

    There are no updates required for this change to the Banking, Finance and Insurance Award.

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