Award Coverage: Banking, Finance and Insurance Award 2020
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Award Coverage: Banking, Finance and Insurance Award 2020

Award Coverage: Banking, Finance and Insurance Award 2020

Correct assessment of modern award coverage is important to apply award payment obligations and entitlements. Award coverage and application should be assessed prior to new engagements. If employment is covered by a modern award, the award obligations must be met.

Whether an award covers and applies to an employee can be determined with reference to the coverage clauses and classification structures in the relevant award.

An example of coverage and classification can be seen in the Banking, Finance and Insurance Award 2020 (BFI).

Award Coverage

Generally, the modern award will provide definitions of relevant industries or occupations the award covers. Clause 4.2 of the BFI provides:

Banking, finance and insurance industry means the industries of banking, lending, loaning, providing credit, investment, finance, superannuation, all forms of insurance, credit unions, building societies, financial intermediaries, trustee creditors and agencies, money market dealers, credit or charge card institutions, wool broking, agribusiness and services to the above industries such as broking, trading, debt recovery, financial consulting, valuation, money changing, data processing, transaction accounts, telephone enquiries and transaction processing.

Award Classification

Schedules to awards give typical activities, duties, functions, qualifications and indicative job lists to determine classification.

Schedule A of the BFI provides a Level 1 classification:

Typical activities and skills may include but are not limited to:
applying basic office procedures;
operating office equipment;
receiving, sorting, distributing and filing correspondence and documents;
performing basic manual or technical duties;
performing defined data entry/inquiry tasks; and/or
answering enquiries using a general knowledge of the employer’s services.”

In Level 1, the indicative job list includes: “office trainee, filing clerk, mail sorting clerk, switchboard operator, assistant receptionist, messenger, yardhand, canteen worker, cleaner, deposit officer, scanning officer.

Next Steps

Correctly assessing modern award coverage and application is important. Generally, employees will be covered by an occupational or industry award, although it is also possible that some employees may not be covered by an award.

If you require assistance assessing award coverage of the Banking, Finance and Insurance Award 2020, or another modern award, feel free to contact us.

See more articles on modern awards at our page here.

Written by Angus Macpherson.


The article, the content and references made are intended to keep an audience updated with information. It is not intended that the article or part of it should be relied upon as advice. Information provided may not apply to in all circumstances or in particular situations. If you do want particular advice or you have any questions, we welcome you to contact us on (02) 9004 7404 or at