Why Commonwealth Bank gets $36k fine?

Australia’s popular bank was fined $ 36,000 after acknowledging that he did not pay long-term rights to maintain the staff.

The Federal Bank is one of the largest private employers in Japan and received 9.5 billion dollars last year. But on Monday he faced the humiliating experience of appearing in Melbourne Magistrates Court alongside shoplifters and drink drivers after a successful case brought by a Victorian government wages officer.

The pleas for mitigation were similar in many ways: remorse, remorse, and no previous convictions.

A state government agency that chases up wage theft, Wage Inspectorate Victoria, alleged in 2022 that BankWest and CommSec broke the law by failing to pay more than $69,000 in long service leave entitlements to 23 former employees.

In Monday’s court hearing that was reduced to 17. For the individuals, the amount ranged from $500 to more than $10,000. Most were over $1,000.

During the investigation, it was found the Commonwealth Bank companies underpaid 529 current and former staff $1.673 million in long service leave entitlements.

But it’s only an offense under the law if they’re an ex-employee when someone isn’t paid their entitlement when their employment ends. In a statement, a CBA spokesperson said the bank has “cooperated with the investigation”.

“These issues should never have happened, and we again apologize to our people who were impacted by these past errors,” it said. “We have remediated approximately $60,000 in underpayments, plus interest, to the 17 former employees who are the subject of the proceedings.