FSU agree new cost of living payment with PTSB

28 October 2022

FSU secure cost of living payments from Danske Bank, Bank of Ireland, AIB and Permanent TSB.

The Financial Services Union has now agreed a cost-of-living payment for its members from all the main retail Banks in Ireland.

PTSB have today agreed with the FSU to a €1,000 tax-free voucher payment for the majority of staff in Permanent TSB. They follow similar agreements between the FSU and AIB, Bank of Ireland and Danske Bank to pay a cost-of-living payment for their staff.

Commenting on the agreement Gareth Murphy Head of Industrial Relation and Campaigns said:

“The FSU launched a cost-of-living campaign a couple of months ago looking for the main retail Banks to financially support our members through the current cost of living crisis. Workers are struggling to heat their home or put food on the table, and it is incumbent on profitable employer to give additional financial support on top of yearly pay rises to their staff. We have now secured payment of the €1,000 from Danske Bank, Bank of Ireland, AIB and Permanent TSB. This is good news for staff and the banking sector.

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

“The FSU successfully lobbied the Government alongside ICTU to increase the amount of the small benefits scheme from €500 to €1,000 in the Budget. This enables employers to reward their staff for their hard work through a tax-free voucher which is something that will be of great benefit to staff. This payment should not be seen as a replacement for annual pay rises. The FSU is very cognisant that our members are really struggling, like everyone else with the rise in costs of heating, food, and other essential items. We will continue to work through issues with all the Banks to ensure that our members interests are supported and protected. “