NAB pays $170m to almost 66,000 staff for years of underpaying wages
NAB will pay nearly 66,000 staff $170 million after underpaying their wages for years.
The National Australia Bank is completing payments of about $170 million to almost 66,000 workers. The bank paid them too little over many years.
The payment includes $127 million in back pay, $34 million in interest, and $8 million in superannuation. NAB signed an agreement with the Fair Work Ombudsman, the workplace regulator.
The bank also paid $2 million to the government as a penalty. This is the largest such payment the Fair Work Ombudsman has ever required.
NAB promised to follow new steps to comply with workplace laws going forward. This includes better planning for any new enterprise agreements.
- 65,999 staff
- Workers affected
- $170 million
- Total payment
- $127 million
- Back pay component
- $2 million
- Penalty payment
Why it mattersIt holds one of the nation's largest employers accountable. It shows that underpaying workers can cost companies serious money and damage their reputation.
AustraliaThousands of Australian workers are receiving thousands of dollars each in overdue wages and interest. The settlement signals the Fair Work Ombudsman is willing to pursue major corporations and sets a precedent for other industries.
Corroborated byThe Nightly
✓ Claims checked against the source. checked 1 h ago
