Banking, Finance and Insurance Award

Coverage is broad, but it is not automatic. The first compliance question is always whether the business activity and the employee's actual work fit the award after the stated exclusions are applied.

• Check that the business is engaged in the banking, finance and insurance industry as the award defines it.
• Rule out the contract call centre exclusion before treating telephone based work as covered.
• If more than one award might apply, use the work performed and the environment in which it is normally performed.

The award is built around levels, not labels. A careful level based classification decision is the foundation for correct pay, overtime and higher duties handling.

• Use the Schedule A level descriptions and indicative job lists when classifying employees.
• Treat the job examples as guides rather than fixed occupational categories.
• Record why the level chosen matches the work actually being done.

Employment type matters under this award. Small businesses often miss part-time overtime triggers because the agreed hours were never clearly set out at the start.

• Identify whether the employee is full-time, part-time or casual.
• Give part-time employees their ordinary hours and start and finish times so extra directed time can be identified.
• Remember the 2 consecutive hour minimum for each casual attendance and use the NES pathway for any later change from casual status.

Do not treat office flexibility as informal if the award already gives it a structure. The span of hours and the averaging cycle decide when overtime starts.

• Ordinary hours sit between 7.00 am and 7.00 pm Monday to Friday and 8.00 am to 12 noon Saturday, with one nominated late night per week able to run to 9.00 pm.
• Ordinary hours average 38 per week over a 1, 2, 3 or 4 week cycle.
• Make-up time and rostered days off need agreement and proper recording.

An annual salary does not switch the award off. Clause 17 creates a detailed compliance regime that must be followed if a salary is meant to absorb award entitlements.

• If an annualised wage is used, give written notice of the annualised wage, the award provisions it satisfies, the calculation method and the outer limit assumptions.
• Keep start and finish times and unpaid breaks, with employee acknowledgment each pay period or roster cycle.
• Run the comparison every 12 months and on termination, and pay any shortfall within 14 days.

Base pay is only part of the payroll picture. Operational allowances and overtime rules can change the result quickly, especially where employees are recalled, stay late or relieve at a higher level.

• Check first aid, stand-by, call-back, higher duties, meal and travel related entitlements against what actually happened.
• A stand-by recall carries overtime and at least 2 hours payment, and time travelling home to work and back counts in the call-out duration.
• Time off instead of overtime payment needs a separate agreement for the overtime worked.

PR799280, PR799300, PR799457

The current consolidated award incorporates these recent variation determinations. Use the consolidated wording when checking any affected clause, schedule, rate or allowance.

Affected: 15 - Minimum rates, 18 - Allowances, Schedule B - Summary of Hourly Rates of Pay, Schedule C - Summary of Monetary Allowances, Schedule D - Supported Wage System