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CBA to pay back A$53.1M to current, former employees

Commonwealth Bank of Australia said it will pay back a total of A$53.1 million to its former and current employees as part of its ongoing review of entitlements, including pay, allowances and leave, for full-time, part-time and casual employees.

The bank has already notified or repaid about 41,000 current and former employees approximately A$13.2 million. It said it will start payments of a further A$14.9 million to current and former employees.

CBA expects the remaining payments to be approximately A$25 million.

The bank said the review is substantially complete and will be finalized in the fiscal year. The review was started in 2018 as part of a broader program of work to strengthen control and the bank identified a range of discrepancies during the review.