Australian watchdog sues CBA for underpaying staff By Reuters

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(Reuters) – Australia’s office watchdog stated it has sued the nation’s largest lender Commonwealth Financial institution of Australia (OTC:) and its brokerage arm for not paying greater than 7,000 employees round A$16.4 million ($12 million) in entitlements.

The problems round unpaid entitlements date again to 2010 and had been self-reported by CBA to the Truthful Work Ombudsman (FWO) in early 2019 with remediation virtually full, the financial institution stated in a press release.

The case towards CBA comes months after the nation’s largest grocery store chain Woolworths Group was sued by the FWO for underpaying employees in a rising listing of firms caught up in underpayment scandals.

The FWO alleges that CBA failed to ensure its workers weren’t paid lower than the general minimal entitlements required and that the financial institution didn’t make top-up funds for any shortfall.

The FWO is searching for penalties of A$666,000 per severe breach and as much as A$66,600 for non-serious breaches within the civil case towards the financial institution.

CBA and its brokerage arm, CommSec, have since improved their techniques and processes, the financial institution stated.

The financial institution added it might proceed to interact with the FWO to resolve the proceedings and that it doesn’t consider additional funds to affected workers are wanted.

($1 = 1.3661 Australian {dollars})

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