Acenda has pushed back on claims from the Finance Sector Union that its proposed enterprise agreement would see staff working for less pay, reduced leave and “watered-down redundancy clauses.”
Last week, the FSU urged members to reject the agreement on the basis that less than half (47 per cent) of Acenda workers would be guaranteed a pay rise, many would lose rostered day off entitlements and work-from-home/hybrid work provisions would be removed. New staff, the FSU added, would also “be worse off when it comes to long service leave and redundancy provisions.”
According to Acenda, though, this is not an accurate reflection of the proposed agreement.
“Our proposed agreement has been developed following a comprehensive and good-faith bargaining process, including extensive engagement with employees through multiple information sessions and feedback channels,” Acenda said.
The insurer continued: “The proposal put to employees reflects a balance of fair and competitive outcomes for our people and the long-term sustainability of the business. It includes defined pay increases, ongoing annual remuneration reviews and retains redundancy entitlements for existing employees.”
Contrary to suggestions that staff would lose work-from-home provisions, Acenda said that flexible working “remains a core part of how we operate,” adding that its policies “have not changed and continue to support flexibility, while also ensuring our people have opportunities for connection, development and collaboration needed to perform at their best.”
Voting on the proposed agreement closes today, June 26, which marks around nine months since MLC Life Insurance began trading as Acenda following the merger with Resolution Life (née AMP Life). During that period, around 280 roles were shed across the business.
Back in March, FSU national president Wendy Streets accused Acenda of handling these layoffs chaotically, adding: “Workers deserve transparency and genuine consultation when major changes are happening to their jobs and their livelihoods.”
Acenda, meanwhile, said that the redundancies followed an “extensive and considered consultation process in January that had had a very strong focus on supporting our people impacted by these changes.”
“This included offering opportunities for redeployment wherever possible, while providing appropriate transition support and assistance to those leaving the business. The FSU was consulted throughout this process,” Acenda said.
Acenda isn’t the only venerable Australian financial institution – or, in this case, composite of venerable financial institutions – to have implemented substantial layoffs over the past 18 months. In total, Australia’s big four banks cut nearly 8,000 roles in 2025; the majority came from ANZ (3,500), followed by Westpac (1,500), NAB (400) and CBA (164).
