Author: Lehanne Bleumink, Gold Seal HR Services Manager

The Fair Work Commission (FWC) have been reviewing all modern awards as part of the 4-yearly review since 2014. This process has included the ‘plain language re-drafting’ which has clarified how some award clauses work and changed other clauses.

The FWC have made changes to awards during this time, so the big changes are already in the current Banking Finance & Insurance Award 2010. While the review is finalising, the new versions of the awards will be released in 3 tranches. The Banking Finance & Insurance Award 2020 is part of the first tranche which will apply from the first full pay period on or after 4th February 2020 (e.g. if your pay cycle is Monday to Sunday, the new award takes effect from Monday 10th February 2020).

The biggest change for most awards is the layout and language, which should make the award easier to understand, this is the case with the Banking Finance & Insurance Award 2020 where the rules and entitlements have not changed significantly.

In the interim, you can view a draft copy here to see what the changes are: Banking, Finance & Insurance Award – Feb 2020



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