NAB back pays $170m in massive payroll failure

Detailed summary

The bank’s underpayments have affected 66,000 workers across the country and represent the biggest wage shortfall in the banking industry so far.

National Australia Bank has agreed to back pay $169 million to tens of thousands of staff after underpaying them for more than a decade by failing to record their actual hours of work and under-resourcing its payroll teams.

NAB will pay a record $2 million contrition payment for errors that date back to 2012 as part of an enforceable undertaking with the Fair Work Ombudsman that also commits the bank’s executives to start early compliance planning for any new enterprise agreement – a first for such an undertaking.

Opening of the article, excerpted from Australian Financial Review. To read the rest, open the article on the publisher's site.