Financial Services Union, AIB and Bank of Ireland reach agreement on additional financial support payment for workers

10 October 2022

FSU welcome Bank of Ireland and AIB announcement on cost-of-living payment and urge other employers to follow suit.

John O’Connell, General Secretary of the Financial Services Union (FSU) has welcomed the agreement between the FSU and BOI/AIB of a cost-of-living payment to workers in both Banks.

BOI have announced a cost-of-living payment to all staff on bands 1-5 in the Republic of Ireland of a €1,000 tax-free voucher and confirmed that in the UK a £1,250 cost of living payment will be made to equivalent staff through payroll.

AIB have confirmed that all staff from level 1-5 will receive a tax free Appreciate Award up to the value of €1000/£1000 which can be used in all retailers on the list available on the Appreciate schedule of retailers.

Commenting on the agreement Mr O’Connell said:

“The FSU launched our campaign in September seeking all employers to provide additional financial support to their staff to support them through the current cost of living crisis.

As part of the campaign, we called on the Government to extend the small benefit exemption from €500 to €1,000 and allow it to be made payable in two instalments.

The have some sense – support your staff with their living expense campaign has gained huge momentum from the start with thousands of members completing our online survey telling us the effect that the increase in the cost of living is having on them and their families. Workers are struggling to pay bills, heat their homes and put food on the table.

They need help from the Government, but they also need support from their employer.

Danske Bank announced a payment of £1,000 to staff in September which was very welcome news to the workers in Danske and today’s agreement from Bank of Ireland and AIB will go some way to alleviating the real issues that workers have in meeting their day-to-day bills.

The FSU are in discussions with other employers on this issue and I would urge all employers where possible to have some sense and support their staff with their living expenses.

Caitleen Desetti, Industrial Relations Organiser with the FSU commented:

“After three months of talks with the FSU, Bank of Ireland today announced that they will be giving all staff on Bands 1-5 a once-off cost of living payment of a €1000 tax-free voucher in ROI or £1250 through payroll in the UK.

We welcome the Bank’s announcement and call on all other banks and finance sector employers to do the same.

Our union is stepping up the public pressure on employers to help workers who are struggling to make ends meet. With inflation at a 38-year high and no end in sight, the costs of everyday essentials like food, fuel, and electricity are going up and up.

Employers need to put their profits back in workers’ pockets”.

Billy Barrett, Senior Industrial Relations Officer with the FSU commented:

“Today’s announcement by AIB comes after weeks of intense discussions between the Union and the Bank. It is welcome news for staff who are struggling financially to meet the rising cost of living.

The news today that all staff from level 1-5 will receive a tax free Appreciate Award up to the value of €1000/£1000 is a recognition by AIB that employers have a role to play in supporting their staff through this current crisis”