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Australia’s Reserve Bank underpaid roughly 1,200 staff nearly 800,000 (Yahoo News)

14 June 2023

Nearly 1,200 staff for the Reserve Bank of Australia have been underpaid a total of AUD 1.15 million (USD 781,143), reports Yahoo News. A total of AUD 1.15 million (USD 781,143) was owed to current and former staff due to a mistake in the way payments were calculated for leave entitlements, the bank confirmed. The central bank brought in consultancy firm PwC to investigate the payroll concerns. The review found the RBA was incorrectly calculating annual leave, long service leave, and rostered days payments for some employees. The bulk of the underpayments stemmed from errors when paying entitlements to people leaving the institution. All staff who have been underpaid have been notified and the central bank has started paying them back.  The Fair Work Ombudsman and the Finance Sector Union have also been advised about the issue and the bank's response.