Workers at pension fund Cbus Super have secured a landmark package of provisions to protect employees from disruption in the age of artificial intelligence.
In the new enterprise agreement, now in force until June 2027, the union-affiliated fund must consult staff on the implications of generative AI models such as ChatGPT in the workplace and must inform workers whose roles are “materially affected” by AI.
Financial Sector Union national assistant secretary Nicole McPherson touted the agreement, which covers some 700 employees, as a new “benchmark” for Australia’s financial sector.
“When it comes to AI, there are unprecedented protections in the industry… with an additional five-day consultation period if a role is affected by AI,” she said.
“The joint advisory committee, made up of employer and union representatives, must consider AI.
“At a time when workers across all sectors are rightly fearful of the impact of AI on their jobs, we are pleased to have reached an agreement that provides for real worker involvement on the issues that concern them.
“This agreement demonstrates the close collaboration we had before the negotiations with the human and cultural team at Cbus.
“Their willingness to engage in productive conversations about the need for this clause helped lay the groundwork for negotiations. »
The deal also includes a series of improved conditions for workers and new parents, with five days of reproductive and access to parenthood leave added to EI’s 12 days of paid menopause and menstruation leave. previous.
It calls for a 12.5 percent pay increase over three years, starting with a 4.5 percent annual increase backdated to July 1.
Cbus Super HR director Justine Hartman said the company would offer “progressive, industry-leading terms” through the deal.
“We are delighted to have finalized this landmark agreement with the union,” she said.