Financial Services Union to ballot Bank of Ireland members on pay deal.

7.5% pay increase to be paid in two tranches

The Financial Services Union is to ballot its members in Bank of Ireland on a proposed pay deal that would see workers’ pay increase by 7.5%, with 4% backdated to January 1^st, 2022, and a further 3.5% increase payable on January 1^st, 2023.

The deal if accepted by members would also see an increase in the starting rates of pay of 6%, keeping starting salaries in line with the living wage.

The recommendation from the Workers Relation Commission (WRC) will be put to a ballot of Union members in Bank of Ireland over the coming weeks.

Commenting on the negotiations Maeve Brehony, Senior Industrial Relations Officer with the FSU said:

“The negotiations with Bank of Ireland have been challenging but constructive, and FSU are satisfied that we have negotiated the best deal possible for our members in the current circumstances.

I would like to thank the WRC for their assistance and recommendation. The FSU will be recommending acceptance of the terms to our members. It is now up to members to evaluate the terms and vote accordingly.

An integral part of FSU’s claim was ensuring that our members were protected as much as possible from the rising cost of living.  If accepted, this agreement will guarantee workers a pay increase of 4% backdated to January 1^st, 2022, and a further 3.5% increase payable on January 1^st, 2023.

A vital component of the deal is an increase of 6% in both starting salaries and qualification minimums from January 2022 ensuring a living wage for our members in Bank of Ireland.

John O’Connell, General Secretary of the FSU commented:

“Last November the FSU stated our desire that pay increases in the main retail Banks would have to reflect the professional and incredible work of our members over the last twelve months in difficult circumstances and take inflation into account.

Our position in November has been vindicated by the recent readjustment by ICTU of their advice to Unions to seek pay increases in the range of 2.5% and 5.5%.

The deal negotiated with Bank of Ireland meets this criteria. Pay increases, from profitable employers play a vital part in protecting workers from the rising cost of living. That is why the FSU has been vocal in highlighting that any pay increase in the sector needed to be inflation proofed“ concluded Mr O’Connell

ENDS