Suncorp has rejected Financial Services Union (FSU) assertions that 500 employees face “significant reductions” under the company’s new collective bargaining agreement.

The FSU claims that less than two months after workers where told at the organisation’s AGM that they would be “no worse off” under the agreement, employees have been given contracts that could strip away their conditions.

But Suncorp spokesman Jamin Smith told insuranceNEWS.com.au the FSU hasn’t released all the facts on the issue.

He says the vast majority (80%) of employees support the move to a unified collective bargaining agreement. Previous employees doing similar work are on vastly different terms and conditions and workers expressed the need for a single agreement.

Mr Smith says the process of putting the package together was open and transparent and the agreement has been approved by Fair Work Australia.

FSU National Secretary Leon Carter says when Suncorp took over GIO and QIDC a guarantee was given that long service and personal leave would be maintained.

“While bargaining with the company for a new agreement it became clear there were moves to try and strip away the entitlements of the ex-GIO and QIDC employees,” he said.

The FSU claims entitlements to be slashed include personal leave from 15 days to 10 per year, and future long service accruals from one to .8667 weeks per annum. Accrued long service leave will be paid out.

However, Mr Smith rejects claims that 500 employees from GIO and QIDC will face significant reductions.

“A subset of 100 GIO employees have been given compensation package contracts which is compensation for their terms and conditions being changed,” Mr Smith told insuranceNEWS.com.au

FSU and Suncorp representatives met in Sydney last Thursday to discuss these issues, and Suncorp is expected to give the FSU a formal response tomorrow.