7% pay increase in Ulster Bank accepted by FSU members in ballot

19 December 2022

Members of the Financial Services Union in Ulster Bank have voted to accept a pay deal for 2023 which includes a proposed 7% increase for the mid-point on pay range.

The deal also includes a cost-of-living payment of €1,150/£1,000 for all Grade A, B and C staff to be paid in January 2023.

Commenting on the outcome of the ballot Gareth Murphy, Head of Industrial Relations and Campaigns with the FSU said:

“This year has been a very challenging year for staff in Ulster Bank. The announcement by the bank to withdraw from the Irish banking retail market came as a devasting blow to staff, some of whom have been working for the bank for decades.

The FSU were very conscious of the impact that the withdrawal was having on members throughout the negotiations and were determined to extract the best deal possible. The union were satisfied that the best deal possible was achieved and the members have now endorsed that position in a ballot.

As the bank continues to winddown the FSU will look to secure the best conditions for our members.

Staff deserve to be properly rewarded for their work and this deal combined with other agreements provides some financial reward to support them with the rising cost of living.”