Month: October 2022

The Coles SDA Agreement 2020: What You Need to Know

Coles, one of Australia’s leading supermarket chains, has recently announced its new enterprise agreement with the Shop, Distributive and Allied Employees Association (SDA). The agreement, which covers over 85,000 of Coles’ employees, includes a range of changes that will affect both workers and the company as a whole.

One of the main features of the Coles SDA Agreement 2020 is the introduction of a new wage structure. Under this structure, workers will receive a guaranteed 3% pay increase each year for the life of the agreement. This will be complemented by additional changes, such as penalty rates for working on Sundays and public holidays, which will be included in the base rate of pay.

Another significant change under the agreement is the introduction of a new roster system. This system will allow workers to have greater control over their work schedules, including the ability to choose their own shifts and the ability to swap shifts with other workers. This is expected to improve work-life balance for employees and reduce stress and fatigue associated with irregular work schedules.

In terms of job security, the Coles SDA Agreement 2020 includes a range of measures to protect workers against redundancy and retrenchment. This includes the introduction of a redundancy payment scheme, which will provide financial support to workers who lose their jobs due to circumstances outside of their control. Additionally, Coles has committed to working with the SDA to identify new job opportunities for affected workers.

The agreement also includes a range of measures aimed at promoting workplace diversity and inclusion. This includes the establishment of a new diversity and inclusion committee, which will work to ensure that Coles’ workforce reflects the diversity of the Australian community. Additionally, Coles has committed to increasing the representation of women in leadership roles and ensuring that all employees receive training on topics such as cultural awareness.

Finally, the Coles SDA Agreement 2020 includes a number of changes aimed at improving work health and safety. This includes the introduction of a new bullying and harassment policy, as well as new measures to protect workers from occupational violence and aggression.

Overall, the Coles SDA Agreement 2020 represents a significant shift in the way that Coles and its employees interact. By introducing new wage structures, roster systems, and job security measures, Coles is working to create a more equitable and inclusive workplace for all of its employees. Whether you’re a Coles employee or just interested in workplace reform, this agreement is definitely something to keep an eye on in the coming months.

An intercreditor agreement is a legal document that outlines the terms and conditions of a relationship between two or more creditors who lend money to the same borrower. The agreement is necessary when different types of lenders, such as senior lenders and junior lenders, work together to finance a single project or business.

The purpose of an intercreditor agreement is to establish a clear set of guidelines for each lender`s rights and obligations in the event of a default or bankruptcy by the borrower. The agreement often outlines which lender has priority over collateral, how proceeds will be distributed, and how each lender will participate in decision-making processes.

One of the most critical provisions in an intercreditor agreement is the “waterfall” provision. This provision outlines the order in which each lender will receive payments from the borrower in the event of a default. Typically, senior lenders are paid first, followed by junior lenders.

The agreement also determines which lender has control over the borrower`s assets and operations. In some cases, a senior lender may hold first lien priority and have the right to make decisions about the borrower`s business. If the borrower defaults, the senior lender will have the right to take control of the borrower`s assets and sell them to repay the loan.

Another critical provision in the intercreditor agreement is the standstill provision. This provision prevents junior lenders from taking action against the borrower without the senior lender`s consent. The goal is to protect the borrower from being harassed by multiple creditors fighting for their share of the collateral.

In summary, an intercreditor agreement is a crucial legal document for lenders working in collaboration to fund a single project or business. The agreement ensures that each lender knows their rights and responsibilities and establishes clear guidelines for decision-making in the event of a default. The agreement also protects the borrower from being caught in the crossfire between different lenders.