National Australia Bank CEO rakes in 130 per cent raise to $5.3MILLION – as staff threaten strike

National Australia Bank’s CEO Ross McEwan received a 130 per cent pay rise – while the company has offered most workers a ‘paltry’ 3.5 to five per cent, the union says.

NAB staff are threatening to strike as inflation is at 6.1 per cent, meaning a five per cent raise actually resembles a pay cut.

Meanwhile, executive Mr McEwan’s salary has risen to an astronomical $5.3million from an already staggering $2.3million.

Staff at NAB have already rejected the raise on offer to general workers and may vote for industrial action unless the bank improves its offer to six per cent. 

The Finance Sector Union said the bank’s offer is ‘paltry’ in comparison to what Mr McEwan is being paid. 

‘CEO salaries are out of control and McEwan and his executives are happy to take big jumps in pay and bonuses while telling workers they need to take a cut in real wages,’ said FSU national secretary Julia Angrisano.

‘It is clear that wages are not keeping up with the cost of living, leading to a decline in living standards for many workers,’ she told the Australian Financial Review. 

Workers earning below $100,000 a year have been offered a five per cent raise in the first year and 4.5 per cent in the second, the AFR reported.

Those earning above $100,000 have been offered 3.5 or four per cent, depending on their position.  

Ms Angrisano said the five per cent offer only covered a minority of employees, ‘with no certainty of a pay increase for over 60 per cent of staff for whom pay rises are at the whim of executives’.

‘All our members need at least a six per cent pay rise as soon as possible, and it is not good enough to subject most NAB workers to pay review meetings with executives,’ she said.

Ross McEwan (pictued), chief executive officer of National Australia Bank, has seen his salary rise to an astronomical $5.3million from an already staggering $2.3million

The FSU said workers may have to resort to industrial action as the pay offer does not keep pace with inflation and cost of living increases.

‘If the NAB won’t act then our members will take action,’ the union said.

FSU has also accused the bank of trying to take away conditions such as annual leave loading and rostered days off, and NAB’s refusal to acknowledge unpaid overtime. 

A spokesperson for the bank told Daily Mail Australia ‘NAB is working towards an Enterprise Agreement that … and puts our colleagues first by fairly rewarding them and supporting their flexibility, lifestyle and wellbeing, including the introduction of an extra week of leave …

‘Through bargaining, we intend to develop a new EA that is endorsed by the FSU before it is put to colleagues for a vote.’

The spokesperson added that NAB ‘will consider and respond to these claims and continue this conversation over the coming weeks.’