Bank of Ireland can lead the way in supporting staff through the cost-of-living crisis

03 August 2022

Minister for Finance should consider the removal of the restriction on variable pay and standard workplace benefits says FSU

John O’Connell, General Secretary of the Financial Services Union (FSU) has called on Bank of Ireland (BOI) to show leadership and financially support their staff through the cost-of-living crisis. His call comes after BOI announced half yearly underlying profit before tax of €419 million.

The announcement by BOI of €419 million profits follows on from the announcement last week by AIB of €477 million in half yearly profits.

Commenting on the announcement, Mr O’Connell said:

“Bank of Ireland has implemented a major cost cutting plan over the last few years which has seen staff numbers diminish and a major restructure of the bank branch network.

Today’s profit announcement shows the Bank is now in a very healthy financial position. It has achieved this through the professionalism and hard work of its staff. It is now time for the Bank to consider its staff, who are struggling like others with increases in the cost-of-living.

Ordinary bank staff are also at a material disadvantage to all other employees in the state as they are still subject to the restrictions on variable pay and benefits introduced by the Government during the austerity years.

We, therefore, believe, that as a matter of equity, the Minister for Finance should consider the removal of the restriction on variable pay up to €20,000 per annum and standard workplace benefits.

This is an even more compelling argument given that dividends have been restored to bank shareholders and the recent Government decision to restore pay of senior civil servants and judges on salaries of over €200,000 when bank workers earn as little as €26,500 have their pay restricted.”