AIB need to provide additional financial support to its staff to help with cost-of-living increases

29 July 2022

John O’Connell, General Secretary of the Financial Services Union has responded to the announcement by AIB of €477million in half yearly after-tax profits with a call on the bank to provide additional financial support for its staff to help with cost-of-living increases.

AIB have today announced half yearly profits of €477 million.

Commenting on the announcement Mr O’Connell said:

“The FSU recognise that a profitable banking sector is good for customers, staff, and the economy. However, it is important that banks recognise and respond to the pressures their staff are under with the rising cost of living.

The starting salary for bank staff in AIB is €28,000. If AIB can pay tens of millions to shareholders in dividends this year, they should certainly be able to support staff who have been at the frontline as major shifts to work practices; customer requirements and technological changes have occurred. Throughout this, staff have continued to meet the needs of customers and work in partnership with the management of the banks as the sector has transformed.

The FSU and Ulster Bank recently agreed an additional pay increase of 4% for staff earning under €45,000. It is incumbent on any employer who are making extraordinary profits like AIB to support its staff through challenging times.

Bank staff should not be wondering how they will heat their homes, pay their rent or put food on the table when their employer is heading towards a billion-euro yearly profit”