Toll and the TWU reach in-principle agreement

An in-principle agreement has been achieved between Toll Group and the Transport Workers Union (TWU).

According to Toll, has said the outcome is subject to final drafting and the support of the 10,000 impacted Toll employees.

The current in-principle agreement includes a two per cent wage increase from July 1 2013 plus another two per cent on January 1 2014. this is to be followed by an increase of three per cent next year to be followed by two years of four per cent increases, ending in the 2016/17 financial year.

Over this period superannuation is set to increase to a 12.5 per cent contribution for 2012/13 to be followed by maintaining contributions at a rate three per cent above the statutory levels (with a a cap of 15 per cent) until 2016/17.

“This agreement gives Toll four years of certainty of no industrial action and four years of certainty about our cost base,” said the company statement. “Under the agreement, the TWU will work to reduce the gap between what we pay in superannuation compared to what our competitors pay. Subject to raising industry standards on superannuation contributions to an agreed benchmark, an additional contribution of 0.75 per cent would be paid in 2016/17 (capped at 15 per cent in total).”

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