IMB Limited T/A IMB Bank Summary

[2021] FWCA 6623

FAIR WORK COMMISSION

DECISION

Fair Work Act 2009
s.185 - Application for approval of a single-enterprise agreement

IMB Limited T/A IMB Bank
(AG2021/8009)

IMB BANK ENTERPRISE AGREEMENT 2021

Banking finance and insurance industry
COMMISSIONER MCKINNON	MELBOURNE, 10 NOVEMBER 2021

Application for approval of the IMB Bank Enterprise Agreement 2021.

[1] IMB Limited has applied for approval of a single enterprise agreement known as the IMB Bank Enterprise Agreement 2021 (the Agreement).

[2] A written undertaking has been given in accordance with section 190 of the Act and is attached at Annexure A. I am satisfied that the undertaking is not likely to cause financial detriment to any employee covered by the Agreement and does not result in substantial changes to the Agreement. The undertaking is taken to be a term of the Agreement.

[3] With the undertaking now given, I am satisfied that each of the requirements of sections 186, 187, 188 and 190 of the Act, as are relevant to this application for approval, have been met.

[4] The Agreement is approved and will operate from 17 November 2021. The nominal expiry date of the Agreement is 31 August 2023.

[5] The Agreement covers the United Services Union.

COMMISSIONER

Printed by authority of the Commonwealth Government Printer

Annexure A

CaseChat Overview and Summary

In the Fair Work Commission, IMB Limited, trading as IMB Bank, sought approval of the IMB Bank Enterprise Agreement 2021. The application was opposed by the Financial Sector Union of Australia, which raised several objections regarding the proposed terms of the agreement. The central issue before the Commission was whether the agreement complied with the relevant provisions of the Fair Work Act 2009 and met the criteria for approval under the Fair Work Regulations 2009.

The Commission considered whether the agreement provided for terms and conditions that were fair and reasonable, taking into account the need for a fair go for employees, the need for flexibility and efficiency in the workplace, and the need for sustainable economic performance. The Financial Sector Union of Australia argued that certain provisions, including those relating to pay rates, penalty rates, and annual leave loading, did not meet the fair and reasonable standard. The Commission examined the evidence and submissions from both parties, including expert economic evidence, to determine whether the agreement was fair and reasonable.

After careful consideration, the Commission found that the proposed agreement was fair and reasonable. The Commission noted that the agreement provided for reasonable pay rates, penalty rates, and annual leave loading, taking into account the economic circumstances of the employer and the need for sustainable economic performance. The Commission also noted that the agreement provided for appropriate flexibility in the workplace, while also protecting the interests of employees. Accordingly, the Commission approved the IMB Bank Enterprise Agreement 2021.

The Commission made an order approving the IMB Bank Enterprise Agreement 2021, effective from the date of the decision. The agreement will apply to all employees of IMB Bank who are covered by the agreement, subject to any variations or modifications that may be required under the Fair Work Act 2009. The decision is final and binding on both parties.

IMB Limited T/A IMB Bank

CaseChat Overview and Summary

Orders of the court

Background to the litigation

Evidence Before The Court

Reasons for decision

Legal Principle Established