Australian Finance Sector's Significant AI Initiative
news.com.au
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Details
- Date Published
- 3 Oct 2024
- Priority Score
- 4
- Australian
- Yes
- Created
- 8 Mar 2025, 12:37 pm
Description
Workers with superannuation fund Cbus Super have secured a set of landmark provisions to protect employees from disruption in the artificial intelligence age.
Summary
Cbus Super, a major Australian superannuation fund, has implemented a pioneering enterprise agreement featuring landmark AI provisions aimed at safeguarding employees from disruptions due to emerging AI technologies. Under this agreement, the fund commits to consulting staff about the impacts of generative AI models like ChatGPT and obliges the notification of employees whose roles are significantly affected by AI. This initiative, described as a 'gold standard' by the Finance Sector Union, represents a forward-thinking approach within the finance sector. It underscores growing recognition of the potential risks posed by AI to job stability, marking a notable step in incorporating AI safety considerations into employment agreements within Australia.
Body
Workers with superannuation fund Cbus Super have secured a set of landmark provisions to protect employees from disruption in the artificial intelligence age.In the new enterprise agreement, now in place to June 2027, the union-affiliated fund must consult with staff on the implications of generative AI models such as ChatGPT in the workplace and must notify workers whose roles are “materially impacted” by AI.Finance Sector Union national assistant secretary Nicole McPherson heralded the agreement, which covers some 700 employees, as a new “gold standard” for Australia’s financial sector.“In relation to AI, there’s industry-first protections … with an extra five days’ consultation time if a role is impacted by AI,” she said.Cbus Super has agreed to a new enterprise agreement with specific AI clauses. Picture: NewsWire / Glenn Hunt“The joint consultative committee, made up of employer and union representatives, has to consider AI.“At a time when workers in all industries are rightly scared about the impact of AI on their jobs, we are pleased to have secured an agreement that provides real involvement for workers on issues that affect them.“This agreement is testament to the close collaboration we had in the lead-up to bargaining with the Cbus people and culture team.“Their willingness to engage in productive conversations on the need for this clause helped lay the groundwork in bargaining.”The agreement also includes a sweep of improved conditions for female workers and new parents, with five days of reproductive and pathways to parenthood leave added to the existing 12 days of paid menopause and menstruation leave from the previous EA.It delivers a 12.5 per cent pay increase over three years, beginning with a 4.5 per cent annual pay increase backdated to July 1.Cbus Super chief people officer Justine Hartman said the company would provide “progressive industry-leading conditions” through the agreement.“We are delighted to have finalised this benchmark agreement with the union,” she said.