RBA admits it underpaid more than 1000 staff

The Reserve Bank of Australia (RBA) has admitted to underpaying more than 1000 current and former staff members.

A review conducted by the bank with auditing firm PricewaterhouseCoopers found that 1173 employees were owed a collective $1.15 million.

The RBA said most of the underpayments were a result of incorrectly calculating termination benefits to former staff.

An RBA spokesperson said the bank was in the process of repaying the impacted workers and had informed the relevant ombudsman and union.

“Following an internal review of the bank’s more complex remuneration arrangements, the bank identified issues related to the remuneration of some current and former bank employees,” the spokesperson said.

“The issues mainly relate to the way payments for annual leave, long service leave and rostered days off have been calculated for some employees.

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“The bank has completed a comprehensive review, with support from PwC, of the issues identified and has notified both the Fair Work Ombudsman and the Finance Sector Union.

“All impacted current and former employees have been notified.

“The bank has commenced processing payments and is working to finalise payment details with the remainder of those impacted so it can make payments to them promptly.”

The incident comes amid a spate of businesses apologising for underpaying their workers.