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.

The RBA has admitted to underpaying more than 1000 current and former staff members. (AP)

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.

“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.”

7. Mining engineer

Top 10 highest paying jobs in Australia

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

Sign up here to receive our daily newsletters and breaking news alerts, sent straight to your inbox.
You May Also Like

Jalen Brunson is happy to keep drawing fouls — and the criticism that comes with them

Jalen Brunson doesn’t care. In fact, he sees it as his specialty. …

Moment smiling tourist ziplines over valley unaware of Kashmir terror atrocity unfolding below that left 26 dead – as attack leaves nuclear-armed Pakistan and India on verge of war

Shocking video footage captured the moment a tourist zip-lined over a terror…

Killer jailed for 11 years for stabbing innocent man in elevator

Kloud Allen, 24, looked ahead and blinked rapidly he was sentenced in…

JB Pritzker doubles down on calls for people to ‘mobilize’ against Trump: ‘Five-alarm fire’ 

Illinois Democratic Gov. JB Pritzker urged Americans to “mobilize” against President Trump…