The Royal Commission into the Banking and Finance industry has threatened my job security. What are my rights?

The Royal Commission into the Banking and Finance industry has threatened my job security. What are my rights?

In the wake of the Royal Commission into the Banking and Finance Sector there has been a number of employees who have either resigned or been terminated due to misconduct. However, it is not only those caught up in the commission who are being affected. Some employees may find that their jobs are at risk either by way of redundancy or that they are performance managed out in order for the employer to avoid paying redundancy.

The banks have had to cut costs by closing branches and reducing services. Some banks may even try to put long serving employees on a performance improvement plan (PIP) to avoid paying redundancy, a common occurrence that employment lawyers see.

While the Fair Work Act 2009 (Cth) does not provide for PIP’s directly, you may be protected in the event of an unfair dismissal, and other workplace rights such as making a complaint or inquiry in relation to your employment.

The Fair Work Act 2009 (Cth) further states that a person’s dismissal was not a case of genuine redundancy if it would have been reasonable in all the circumstances for the person to be redeployed within the employer’s enterprise or the enterprise of an associated entity of the employer.

However, if the role is genuinely redundant, an employer is only entitled to terminate the employment of an employee by reason of redundancy in a situation where:

  • The employer no longer requires the employee’s role to be performed by any other person, and;
  • The employer has complied with any obligation in an applicable modern award or enterprise agreement to consult about the redundancy.

If an employee is concerned about their employment in the banking and finance industry, seeking legal advice is recommended.

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