Banking, Finance and Insurance Award 2020 (MA000019)

The article provides guidelines about when to use the different work types and tags that we include as part of the pre-built Banking, Finance, and Insurance Award 2020 [MA000019] package. For further information about the Banking, Finance, and Insurance Award 2020, refer to the Banking, Finance and Insurance Award

Key updates

  Select the current financial year tab to see award updates for the 2024/25 financial year. All previous updates before this time you can find in the historical financial years tab.

Current financial year Historical financial years
July 2024

1st

We have updated the award to reflect the Fair Work Commission's National Minimum Wage increase detailed in the Annual Wage Review 2023-24 decision and also includes updates to expense-related allowances. You can find more information on the Determinations here and here.

These changes come into effect from the first full pay period on or after the 1st July 2024. Please install these updates after you have finalised your last pay run before the first full pay period beginning on or after the 1st July 2024.

We have also updated the "Community Service Leave Taken" pay category, where it does not accrue super. 

Coverage

The industry award covers employers throughout Australia who are engaged in the banking, finance, and insurance industry. It includes:

  • Banking.
  • Lending.
  • Loaning.
  • Providing credit.
  • Investment
  • Finance.
  • Superannuation.
  • All forms of insurance.
  • Credit unions.
  • Building societies.
  • Financial intermediaries.
  • Trustee creditors and agencies.
  • Money market dealers.
  • Credit or charge card institutions.
  • Wool broking.
  • Agribusiness.

It also includes services to the above industries such as:

  • Broking.
  • Trading.
  • Debt recovery.
  • Financial consulting.
  • Valuation.
  • Money changing
  • Data processing.
  • Transaction accounts.
  • Telephone enquiries.
  • Transaction processing.

Installing the pre-built award package

To read details on how to install and configure this Pre-built Award Template, please review the following article. Before relying on the award information, users should carefully evaluate its accuracy, currency, completeness, and relevance for their purposes. You should also obtain appropriate professional advice.

Work types

The following lists out and explains the work types an employee can select on their timesheet.

A - F
Annual leave taken. Choose this work type when annual leave is taken.
Call back. Choose this work type where you have gone home for the day and had to be called back to work.
Community service leave taken. Choose this work type when community service leave is taken.
Compassionate leave taken. Choose this work type when compassionate leave is taken.
G - L
Hours worked. Use this work type to represent ordinary hours, unless another work type is more specific.
Hours worked with no meal breaks. Use this work type to represent ordinary hours where you intentionally did not have a meal break. Automatic meal breaks will not be applied to these shifts.
Kilometres travelled. Enter the number of units travelled for business purposes. One unit is equivalent to 1 kilometre.
Leave without pay. Choose this work type when a permanent employee takes leave without pay.
Long-service leave taken. Choose this work type when long service leave is taken.
Long-service leave taken. Choose this work type when long service leave is taken.
M - R
Personal/carer’s leave taken. Choose this work type when personal/carers leave is taken.
Public holiday day off. Use this work type if you are a permanent employee who had a day off work on a public holiday.
RDO leave taken. Choose this work type when an accumulated RDO day is taken.
S - Z
Shiftwork changes. Choose this work type for a shift worked for changing shift rosters, a day worker replacing a shiftworker, etc.
Stand-by. Choose this work type if you you rostered as stand-by to work.
Time in lieu leave taken. Choose this work type when an accumulated time in lieu is taken.
Travelling time - working away from the usual workplace. Use this work type to reflect time spent travelling more than your normal travel requirements.

Tags

The following tags are available to employees under the award.

A - F
First Aider. Choose this tag if the employee holds and appropriate first aid qualification and is required to perform first aid duties.
M - R
Permanent afternoon or night shift. Choose this tag if the employee is a shiftworker who permanently works an afternoon or night shift.
Provides their own vehicle under 1500cc. Choose this tag if the employee is required to provide a car as part of their job and that car's engine is under 1500cc.
Provides own vehicle over 1500cc. Choose this tag if the employee is required to provide a car as part of their job and that car's engine is equal to or greater than 1500cc.
S - Z
RDO. Choose this tag if the employee should accumulate a daily RDO accrual, based on one day off every four weeks.
Shiftworker. Choose this tag if you employe the employee primarily as a shiftworker.
Time in lieu of overtime. Choose this tag if the employee has agreed to receive time in lieu ‌of pay for overtime worked.

Further information

Time in Lieu Explanation

Time off instead of payment for overtime leave accrues at the same rate as the number of overtime hours worked. For example, an employee who worked two overtime hours has an entitlement to two hours’ time off. If you do take time off for overtime and the time off you intend, pay it out, you must pay at the overtime rate applicable to the overtime when worked

It also applies when you terminate an employee and you have to pay out the time. To pay it out correctly, you will need to record the overtime rate manually while you are processing the time in lieu accrual. We suggest that you record the overtime details in the Notes section of the leave accrual line in the pay run.

If you are required to pay out the time off for overtime either before termination or during termination, you can run a Pay Run Audit Report. It will show the pay runs for the employee where they accrued Time in Lieu, enabling yout to determine the applicable rates. Next, you can run an Employee Payment History Report to determine if they took any of the time off for overtime. You can then determine the correct balance based on the number of hours by taking the equivalent to the overtime payment that you made.

 
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