28 June 2020

While the share market has crashed and recovered a little, many are asking what has happened to super funds. We are doing an analysis for your information. We will compare an accumulation fund performance since just before the GFC in 2008 and a defined benefit fund.

Defined benefit fund benefits are a multiple of final average salary over 3 years and years of service. The benefit cannot go down. The benefit is not exposed to risk.

On the other hand accumulation funds are exposed to the market and almost always to the share market. The share market has seen spectacular rises over the past few years, but a major downturn. Your benefit, if you have an accumulation fund, moves up or dawn with the market.

Next weel we will track an accumulation fund for the past 12 years. You may be surprised by the results.. ..More

There is some complexity with the way that back pay is dealt with in the EBA. We sought clarification from Telstra and this is a summary of the actions Telstra will take.
1. Pay will increase from 19 Jun 2020 by 0.3%
2. There will be a lump sum payment equal to 0.3% covering the period 1 Oct 2019 to 19 June 2020
3. There will be no overtime or allowances in the back pay period.
4. For employees under accumulation super arrangements, super will be paid on the one-off payment.
5. For members of defined benefit super funds, super isn't applicable for the one-off payment given how the scheme works. FAS will adjust for those with birthdays from 19 June onwards (as this is the date that salaries increase by the 0.3%).

This is an extract from the EBA:

    Appendix A Pay For Job Family Employees: A1. Pay Increases
    A1.1. If you are a Job Family employee you will receive a 0.3% increase to your Fixed Remuneration effective from the commencement of this Agreement. This increase is in addition to any increase you may have received as part of the 1.5% pay pool already allocated effective 1 October 2019.
    A1.2. If you were employed on 1 October 2019 (or commenced employment at Telstra after that date), and continue to be employed at the commencement of this Agreement, you will also receive a one off payment equivalent to the amount you would have received if the 0.3% increase had been applied to your Fixed Remuneration from 1 October 2019 (or the date you commenced employment with Telstra, if this is later) until immediately before this Agreement commenced.
    A1.3. For the avoidance of doubt, the payment in A1.2 is inclusive of superannuation (if applicable) and the calculation of the payment will not include overtime or allowances.

Post has offered to begin negotiations on the new EBA. A notice will be sent to all staff shortly advising of the start. CEPU is automatically a bargaining agent. However you may appoint your own bargaining agent and even nominate yourself. Your next pay rise is due in September this year but it is clear that Post will want to restrain pay rises.

We have written to Post seeking agreement to waive mediation - a very unusual step in the Post EBA. We wish to get to hearing as conciliation has been unable to resolve the matter. Our letter said (in part):

    You will be aware that the matter was not settled in Conciliation. It is clear that arbitration is needed to resolve the dispute. However, the next step in the (unusual) Post EBA DR Process is Mediation. Given the nature of this matter, we seek that both parties waive mediation. The matter has been explored extensively, there are disputed facts, and evidence is needed. Mediation in these circumstances would appear to be a waste of time, resources and money.
    If a waiver is not agreed, we nominate the Fair Work Commission to undertake the mediation. We note that the mediator has little power and can only make non binding recommendations.

These jobs may be advertised externally. If you do apply, let us know as we are the union/branch representing technical staff in NSW and can assist you with the application: Postal Technical Officer Grade 4.

    3 Positions Available. Under limited direction assist the Duty Technical Team Leader and Technical Support Officer to co-ordinate plan and conduct the maintenance activities associated with the Mail Processing equipment and working closely with the operational management to assist the achievement of mail services and production standards at Sydney West Letter Facility. This is an inline position working rotating /fixed shift or non-shift, which reports directly to the Duty Technical Team Leader. Shift Details Shifts: Monday to Sunday 12:00am - 12:00am Note: On a rotating roster, shifts will vary between these specified times.

    Notes: This position has approval for fixed term and casual applications. For vacancy enquiries, 03 9106 8566. Reference Code: 53567806.

CWU Note: Critical Knowledge - Minimum of a Certificate III in Electro technology (Systems Electrician). or Certificate III in Engineering (Electrical or Mechanical) or equivalent - Hold Electrical License (full or Restricted or willing to get one) - A minimum of 5 years technical maintenance experience. - Proficient with the Plant maintenance and materials management modules of SAP, Microsoft Word/Excel/ for managing day to day work - Knowledge of preventative and corrective maintenance principles.

Post has advised as follows:

    This is a courtesy email to advise you that we will be communicating the following change to our SPF/SGF Technical team. As of the 5 July the Sunday Overtime at SGF will have be rostered accordingly in order to align with the operations window at SGF. Morning Shift - 8:00am - 4:00pm - 1 PTO4 rostered for operational support Afternoon Shift - 4:00pm - 12:00am - 2 PTO4's rostered for maintenance and support (In line with COVID Safe Plan) This aligns with our agreement to have 3 PTO4's at SGF on Sunday for Overtime from 1 July 2020.

Washington Post extract: A tidal wave of packages is keeping the U.S. Postal Service afloat during the corona virus recession, boosting the beleaguered agency's finances to near pre-pandemic levels while legislators and the White House joust over its independence.
When the pandemic's resulting economic shutdown took hold in early spring, postal leaders told lawmakers the mail service expected to hemorrhage $2 billion a month for 18 months, risking insolvency as soon as September. After Congress approved an emergency $10 billion loan from the Treasury Department, the agency said it could hold out until March 2021, but it's avoided accessing those funds, wary of conditions the Trump administration is poised to impose in exchange.
Postal leaders, however, in revised financial data provided this week to Congress and obtained by The Washington Post, said rising e-commerce transactions may have - at least temporarily - delivered the USPS from imminent financial ruin. Week to week, package deliveries increased 20 to 50 percent in April compared with the year-ago period, and 60 to 80 percent in May.

The ACTU called on the Morrison Government to rule out the plan of its rebel backbenchers to reverse the legislated superannuation increase in 2021 and to prop up property prices by allowing people to raid their super. In a cynical attempt to exploit the economic crisis created by the coronavirus, these politicians are engaging in pandemic political profiteering to attack superannuation and undermine workers' savings. For a umber of days, Liberal backbench MPs and Senators have been agitating to overturn legislation that guarantees an increase in superannuation contributions on July 1, 2021. It has become a concerted campaign driven by hard-line ideologues who are determined to see workers strip their retirement savings to prop up the property market.

We provide these quick links so that you can quickly review previous important articles:

  • Forced ARL Fact Sheet
  • Forced LSL Fact Sheet
  • Superannuation Fact Sheet
  • Telstra EBA Notes
  • Telstra EBA19
  • Telstra EBA19 Undertakings
  • Optus EBA18
  • Post EBA9
  • 0428 942 878 dan.dwyer@cwunion.net Dan Dwyer Secretary/Lawyer - industrial matters & advice
  • 0447 365 433 reception@cwunion.net Administrative eg payments, applications, change of details

    Authorised by Dan Dwyer Branch Secretary
    CWU Telecommunications & Services Branch, Sydney City, NSW.

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