FSU to Recommend 4.7% Pay Pot in PTSB

19 April 2024

Union to recommend and ballot members on 4.7% offer

FSU and PTSB, in addition to Mandate trade union, have reached a set of Pay Proposals via the conciliation services of the Workplace Relations Commission.

Both sides attended a number of engagements over the last month and have finally reached an agreed set of proposal which union members will now ballot on. The proposal is a 4.7% pay pot divided into a pay matrix with increases ranging from 1.95% to 5% and with a majority increase of 4.7%.

The proposals are for 12 months only and are backdated to January 2024. The proposals also contain a commitment to jointly review pay ranges this year.

Commenting on the WRC proposals Gareth Murphy, Head of Industrial Relations and Campaigns, said:

"We’ve been in talks for some time with the Bank and are glad we have now reached a set of proposals through the WRC which we can positively put to members to vote and have their say on. This is the benefit of collective bargaining that PTSB workers enjoy and democracy in the workplace in action.

PTSB staff have worked incredibly hard over the last year and contributing significantly to the positive financial results the Bank recently announced. We believe, relative to other pay deals in the sector and cognisant of the position of this Bank, that this is really good proposal which our negotiating team supports.

Staff have played a particularly important role in PTSB in its recovery and so, as a union, we will continue to endeavour to improve their working conditions so that they can have decent and meaningful careers in this Bank. In this regard we will be engaging with the Bank on pay ranges later this year if these proposals isaccepted by members."