Includes extra five days’ consultation time if role impacted by AI
Cbus Super has signed a groundbreaking Enterprise Agreement (EA) that introduces industry-first protections for employees when it comes to generative AI disruption.
Under the new EA, employees at one of Australia's largest superannuation funds must be consulted and engaged on the implications of generative AI in their workplace, according to the Finance Sector Union (FSU).
"In relation to AI, there's industry-first protections in this EA with an extra five days’ consultation time if a role is impacted by AI," said Nicole McPherson, national assistant secretary of the FSU, in a statement.
The EA comes amid mounting job security concerns among employees following reports that gen AI could replace workers in the future.
"At a time when workers in all industries are rightly scared about the impact of AI on their jobs, we are pleased to have secured an agreement that provides real involvement for workers on issues that affect them," McPherson said.
AI agreement 'gold standard for finance sector'
Meanwhile, the chief people officer (CPO) of Cbus Super said they are delighted to finalise the benchmark agreement with the union.
"The new Cbus Super agreement ensures that we are providing progressive industry-leading conditions for our people, including on AI consultation, reproductive and parenthood leave, and increasing paid parental leave to 26 weeks," the CPO said in a statement.
The EA is expected to cover about 700 employees at Cbus and will remain in place until June 2027.
"Workers have won an EA at Cbus with conditions that set the gold standard for the finance sector. They'll not only benefit from the conditions they've achieved but have set a bar for others in financial services," McPherson said.
According to the FSU official, the agreement is a testament to their close collaboration with Cbus.
"Their willingness to engage in productive conversations on the need for this clause helped lay the groundwork in bargaining," she added.
Cbus EA boosts pay, workplace benefits
The EA also delivers a pay increase and other leave entitlements to improve workplace conditions at Cbus.
"There's a 12.5% pay increase over three years starting with a 4.5% annual pay increase backdated till 1 July 2024," McPherson said.
"Other clauses will make a significant contribution to better conditions at work. This agreement has five days of reproductive and pathways to parenthood leave, which comes on top of the 12 days of paid menopause and menstruation leave achieved in the last EA."
