Bank Redundancy Packages 2026: What CBA, ANZ, NAB, Westpac and Bendigo Staff Get

Australia's big banks pay far more than the legal minimum when a role is made redundant. The formula sits in each bank's registered enterprise agreement, not in a policy the bank can change. For permanent staff covered by those agreements:

• CBA: 7 weeks for the first full year, 3 weeks for each later year, capped at 79 weeks (cl 36.5). Notice is 6 weeks, or 9 weeks with 25+ years' service (cl 36.4).
• ANZ: 7 weeks for the first year, 4 a year for years 2–10, 3 a year for years 11–16 and 2 a year after that, counting service up to 25 years (cl 5.10(a)). That tops out at 79 weeks. You get at least 6 weeks' notice (cl 5.8).
• NAB: the greater of $10,000 or 7 weeks' Base Pay plus 3 weeks for each later year, capped at 35 years, which is 109 weeks (cl 58.5). Notice is 6 weeks (cl 58.3).
• Westpac: 7 weeks for the first year and 3 weeks for each later year, capped at 90 weeks (cl 42.18). Notice is 6 weeks (cl 42.16).
• Bendigo and Adelaide Bank: a fixed table that starts at 8 weeks for under a year's service and reaches 94 weeks at 29+ years (cl 36.8). Notice is 4 weeks, plus 1 week if you are over 45 (cl 36.7).

The legal floor, the National Employment Standards, is 4 to 16 weeks and drops to 12 weeks after 10 years. Each bank's scale beats it at every length of service. To see the NES figure for your own service, use our redundancy pay calculator.

• Commonwealth Bank: in late September 2026 the Finance Sector Union said more than 172 roles in CBA's New South Wales technology team would go and another 232 staff would be redeployed, with the redundancies due to be finalised by the end of November. The union counts more than 1,000 CBA jobs cut this year (Information Age, reporting FSU figures). The bank said it regularly reviews the capabilities it needs and how its teams are organised.
• Bendigo and Adelaide Bank: on 18 September 2026 the Australian Services Union said 137 roles would be made redundant, within 299 job changes across Consumer Lending Operations and Customer Care. The ABC reported that Adelaide staff would be hardest hit. The bank said the "detailed design for all impacted areas is yet to be finalised" (ABC News, 18 September 2026).
• ANZ: in September 2025 ANZ said about 3,500 employees would leave by September 2026 under its restructure (Bloomberg, 8 September 2025).

Headcount numbers come from unions and media reports and can change during consultation. Your own entitlement depends on your agreement, your service and whether you are offered another role, not on the headline figure.

"Weeks" means each agreement's own definition of pay, and those definitions differ, as the bank-by-bank sections below show. Part-time service is generally pro-rated.

The Commonwealth Bank Enterprise Agreement 2023 (AE521866) was approved on 12 October 2023, began operating on 1 December 2023 and passed its nominal expiry date on 30 June 2026. An agreement keeps applying after its nominal expiry until a replacement is approved or it is terminated. As at early October 2026, bargaining for a replacement was still under way (the Finance Sector Union reported a new CBA pay offer on 24 September 2026, so a vote could come soon), so clause 36 is the operative redundancy clause until a new agreement is approved.

• Severance (cl 36.5): 7 weeks for one full year of service and 3 weeks for each later full year. Each full month in the final part year adds a pro-rata share of 3 weeks, and under a year earns a pro-rata share of 7 weeks. The cap is 79 weeks, which you reach at 25 years. The weekly figure is your full-time-equivalent weekly Salary at exit, including most allowances and loadings averaged over the last two pay periods, multiplied by your average FTE across your whole employment. If you have mixed full-time and part-time years, that average matters.
• Notice (cl 36.4): 6 weeks, or 9 weeks with 25 or more years. If either side ends employment during notice, you are paid out the rest and still get severance calculated to the original date.
• Banking extras (cl 36.6.1): you keep your home loan on staff terms for nine months, then it is refinanced at the best customer rate without fees, subject to lending criteria. Other loans keep staff terms for nine months, and product fees are waived for nine months. If you are 55 or older you also get retired-employee benefits.
• Other support (cl 36.6.2): one paid day off a week during notice for interviews, outplacement services and a written statement of service.
• The redeployment catch (cl 36.1): if you accept or decline a comparable position (a role above, at the same grade or one grade lower, suitable duties, terms no less favourable overall, within commuting distance), you lose the clause 36 package. You may still get NES severance. If you decline a non-comparable role, or its trial of up to 13 weeks ends, you keep the package.
• Who misses out (cl 36.7): casuals, max-term staff at the end of their term, trainees, anyone dismissed for serious misconduct, and anyone in their first six months (the NES may still apply).

Bankwest staff are covered by a separate Bankwest Enterprise Agreement 2024. Check its redundancy clause; don't assume it matches CBA's.

The ANZ Enterprise Agreement 2023 – 2027 (Australia) (AE521992) was approved on 19 October 2023 and runs to a nominal expiry of 30 September 2027. Section 5 covers full-time and part-time permanent employees.

• Severance (cl 5.10(a)): 7 weeks' Salary for the first year, then 4 weeks a year for years 2–10, 3 weeks a year for years 11–16 and 2 weeks a year after that, counting service up to 25 years in total, plus pro-rata months. Mid-career staff do best here: 10 years earns 43 weeks, against 34 at CBA, NAB and Westpac. The maximum works out at 79 weeks. Salary includes shift and weekend loadings averaged over the last three pay periods. TEC (total employment cost) employees are on a flatter scale of 7 weeks plus 3 a year to 25 years.
• Redeployment first (cl 5.3): you go into a 6-week redeployment program. If you refuse to take part or reject a "Directly Comparable Role", you lose all redundancy benefits under the agreement. A non-comparable role comes with two weeks to decide and a two-month trial (cl 5.5.3).
• Leaving early (cl 5.4, 5.7.1): early separation or voluntary retrenchment pays notice in lieu, the severance and a $2,000 gross payment towards outplacement. ANZ doesn't have to agree to either.
• Notice (cl 5.8): at least 6 weeks after redeployment, with up to one paid day off a week to look for work. Benefits depend on you working out the notice period, but ANZ won't unreasonably refuse an early release if you find another job. You keep the severance and lose the unworked notice.
• Other (cl 5.10(b)–(c)): annual leave, long service leave if you have 5+ years, 9 months of concessional lending, and possible help from ANZ's Past Employee Care Fund and New Career Training Fund. Those funds sit outside the agreement and can change.

The NAB Enterprise Agreement 2024 (AE521487) has a nominal expiry of 31 December 2026. NAB calls a redundancy exit a "Retrenchment".

• Retrenchment Payment (cl 58.5): you need at least one year of Service. You get the greater of $10,000 or 7 weeks' Base Pay plus 3 weeks for each later year, with pro-rata months. The agreement's own examples are 4 years = 16 weeks and 10 years = 34 weeks. The cap is 35 years, or 109 weeks, unless you were previously covered by the older EDA arrangements. The payment settles all claims for redundancy pay, including the NES.
• Notice (cl 58.3–58.4): six weeks' written notice, worked or paid in lieu, plus one paid day a week for interviews. If you leave during notice, you keep the payment but lose the unworked notice.
• Deployment (cl 56–57): the "On Deployment" period is agreed with you or set by NAB, and you get a Transition Coach. If you decline a Comparable Position you lose the Retrenchment Payment and training reimbursement but keep the clause 58.6 benefits. An Acceptable Position comes with an 8-week trial.
• Other benefits (cl 58.6–58.7): annual leave, pro-rata LSL at 5+ years, 9 months of concessional credit card and (for Group 1) concessional loan terms, retired-colleague benefits at 25+ years (or 15+ years if you are over 55), career transition services or a training reimbursement you must request within 26 weeks, and relocation home if NAB moved you.
• Outsourced roles (cl 59): if your work transfers to a buyer or supplier, you get no payment if the new role is no less favourable. If it is less favourable and you take it, a smaller Transitional Retrenchment Payment applies: 6 weeks plus 2 a year, plus 1 extra week a year for years 21–28, capped at 68 weeks.

The Westpac Group Enterprise Agreement 2025 (AE526824) was approved on 20 November 2024 and has a nominal expiry of 31 December 2027. If you work for one of the group's other brands, check the agreement's coverage clause to confirm it applies to you.

• Severance (cl 42.18–42.20): 7 weeks' salary for the first full year (pro-rated under a year), 3 weeks for each later full year and pro-rata months for the final year. The maximum is 90 weeks. For packaged employees a week's salary is weekly Fixed Pay. Unpackaged employees also get shift loadings and weekend penalties averaged over the last roster cycle. Overtime, bonuses and super are excluded.
• Older preserved scale (cl 42.25–42.28): if Part B or Part G of the 2013 agreement applied to you on 31 December 2015, an older scale applies instead. It pays 7 weeks, then 4 a year for years 2–10, 3 a year for years 11–16 and 2 a year to 25 years, plus an extra week for each year since turning 45. The cap is 85 weeks under 45 or 90 weeks over 45, including notice.
• Redeployment (cl 42.6–42.11): up to 3 months, with a case manager. If you decline a directly comparable role, you lose severance, notice, outplacement and training under the clause, though the NES may still apply. A non-comparable role comes with an 8-week trial, and unpackaged staff keep their Fixed Pay for 6 months.
• Notice and support (cl 42.16–42.24): 6 weeks' notice or pay in lieu. If you leave early, severance is still calculated to the original date. You also get a paid day off a week to job hunt, outplacement or approved vocational training, and repatriation costs if Westpac relocated you.
• Outside offers (cl 42.29): if Westpac finds you acceptable alternative employment elsewhere, you get at least 4 weeks to consider it. Accepting means no severance under the agreement. Declining can reduce your NES severance or cut it to nothing.

The Bendigo and Adelaide Bank Enterprise Agreement 2023-2026 (AE521354) began operating on 8 September 2023 and passed its nominal expiry date on 31 August 2026. Until a replacement is approved, it still applies, and our corpus held no approved replacement as at 3 October 2026.

• Redundancy pay (cl 36.8): a table by years of continuous service: under 1 year 8 weeks; 1 year 10; 2 years 12; 3 years 14; 4 years 17; 5 years 20; 6 years 23; 7 years 26; 8 years 29; 9 years 32; 10 years 35; 15 years 52; 20 years 67; 25 years 82; 29 years or more 94 weeks. It is calculated on your Ordinary Rate of Pay at the time notice is given (cl 36.10). Bendigo is the only one of the five that pays a full amount to someone with under a year's service.
• Notice (cl 36.7): 4 weeks, plus an extra week if you are over 45, worked or paid in lieu. If you leave during notice, you keep the full redundancy pay (cl 36.11).
• Volunteers (cl 36.2–36.4): the bank may call for volunteers, but it doesn't have to accept them.
• Support (cl 36.5, 36.13): one paid day off each week of notice to seek work, plus external outplacement, which you must use within three months of notice.
• The catch (cl 36.14–36.15): if the bank offers Suitable Alternative Employment, the clause 36.8 pay is not payable even if you turn the offer down. The bank can also ask the Fair Work Commission to reduce your redundancy pay, possibly to nothing. If you accept a lower-grade role, your old pay continues for three months.

A base salary of $90,000 is about $1,730.77 a week. The figures below are full-time, use base pay only, and ignore loadings, so treat them as estimates. Your own payslip and agreement definitions decide the real number.

Tax: for 2026-27 the ATO's tax-free limit for a genuine redundancy is $13,598 plus $6,801 for each complete year of service (ATO). For a full-time worker on a typical bank salary, the severance usually falls under that limit, so it is tax-free. Amounts above the limit are taxed as an employment termination payment, and leave payouts and pay in lieu of notice are taxed separately. Our redundancy tax calculator and ETP tax calculator split it out, and our guide to the genuine redundancy tax-free amount explains the rules.

All five agreements cut or remove the package if you decline a role the bank says is comparable or suitable. What counts differs by bank:

• CBA: a role above, at the same grade or one grade lower, appropriate duties, terms no less favourable overall, within commuting distance (cl 36.1).
• ANZ: a "Directly Comparable Role". Rejecting one, or refusing redeployment, removes all redundancy benefits (cl 5.3). Separately, if ANZ arranges Acceptable Alternative Employment for you, including on a transfer of business, you get no redundancy benefits under the agreement whether you accept that offer or not (cl 5.11).
• NAB: a "Comparable Position". Declining it loses the Retrenchment Payment (cl 57.1).
• Westpac: at least the same Fixed Pay and role level, within commuting distance, with up to 12 weeks' retraining. Westpac can run a Hay job evaluation, and staff at role levels 1–3 can ask the joint committee to review it (cl 42.8–42.9).
• Bendigo: an offer of Suitable Alternative Employment, whether or not you accept it (cl 36.14).

If you think an offered role isn't truly comparable (a longer commute, lower grade, different duties or less flexibility), say so in writing, before the deadline, and give reasons. Once the decision is made, it is hard to undo. Before you reply, read our guide on negotiating a redundancy package and the should I accept redundancy tool.

1. Confirm which agreement covers you. Senior and executive roles are often outside the agreement, and then your contract and the bank's policy apply. Your letter of offer or payslip usually names your grade.
2. Work out your continuous service date. Each agreement has its own rules for counting unpaid leave, part-time years and earlier related employers. At CBA, extended unpaid leave can reduce your average FTE. At Bendigo, extended leave without pay doesn't count as service (cl 30.6).
3. Calculate both numbers: your agreement figure from the table above and the NES minimum from the redundancy pay calculator. You get whichever is higher. The NES is a legal floor: you can't get less than the NES amount, whatever the agreement says.
4. Check consultation. Every agreement has a major-change consultation clause, and the union is notified before notices issue. If your bank didn't follow it, the redundancy may not be "genuine" for unfair dismissal purposes. Our genuine redundancy glossary entry explains the test.
5. Plan the money. Run the Centrelink waiting period tool before you claim, and don't sign a deed of release until you have checked the figures.
6. Use the extras. Diary the 9-month concessional loan deadlines, the outplacement windows (3 months at Bendigo, 26 weeks for NAB training reimbursement) and the paid job-hunting day each week.

How many weeks' redundancy does CBA pay?

Under clause 36.5 of the Commonwealth Bank Enterprise Agreement 2023, you get 7 weeks for the first full year and 3 weeks for each later full year, with pro-rata part years, up to a maximum of 79 weeks. Ten years' service is 34 weeks.

Is my bank's agreement still valid if its expiry date has passed?

Yes. A nominal expiry date isn't an end date. The CBA (30 June 2026) and Bendigo (31 August 2026) agreements keep applying until a replacement is approved by the Fair Work Commission or the agreement is terminated. If a replacement is approved, its redundancy clause applies from its operative date. Check the Fair Work Commission agreement search.

Which big bank pays the most redundancy?

It depends on your service. ANZ pays the most at roughly 3–20 years because of its 4-weeks-a-year phase. Bendigo pays the most under a year (8 weeks). NAB has the highest cap at 109 weeks, plus a $10,000 minimum. CBA and ANZ both stop at 79 weeks.

Do casuals get bank redundancy pay?

No. All five agreements exclude casual employees from redundancy pay, and the NES doesn't give redundancy pay to casuals either. Fixed-term and max-term staff whose term simply ends are also excluded.

Is bank redundancy pay tax-free?

Up to the limit, if it is a genuine redundancy. For 2026-27 the limit is $13,598 plus $6,801 per complete year of service. Anything above that is taxed as an employment termination payment.

Can I volunteer for redundancy at my bank?

You can ask, and ANZ, NAB, Westpac and Bendigo all have a process for it, but each bank keeps the final say. At ANZ, voluntary retrenchment also pays $2,000 towards outplacement.