FSU agree pay top up and cost of living payment for staff in Bank of Ireland

24 February 2023

Negotiations on approved profit scheme continue with staff eligible to get bonuses up to a maximum of 10% starting in 2024.

The Financial Services Union (FSU) have described the agreement reached with Bank of Ireland on a pay top up and cost of living payment for staff as “just reward” for professional and dedicated staff who have shown great loyalty to the Bank.

The FSU and Bank of Ireland have agreed a pay increase of 5% for this year together with a once off cost-of-living payment of €720. The agreement struck between Bank of Ireland the FSU also includes an increase in the entry level salary and an approved profit share scheme with potential awards of up to 10% of salary.

Commenting on the agreement Caitleen Desetti, Industrial Relations Organiser with the FSU said:

“The FSU and Bank of Ireland have been in pay negotiations for the last two months.

This agreement is a culmination of these discussions and represents a very good outcome for staff.

The deal increases an already agreed pay deal for 2023 of 3.5% to 5% and recognises the challenges that staff are facing with the cost-of-living crisis by giving a once off payment of €720 to be paid in April.

Agreement has also been reached on raising the entry salary rate and a new flexible benefit scheme is to be introduced. Taken together these measures will improve the take home pay of staff and help make working in retail banking a more attractive proposition,”

Commenting on establishment of an approved profit share scheme, John O’Connell, General Secretary of the FSU said:

“The FSU was instrumental in getting the Government to lift the restriction on variable pay up to €20,000. We have been in negotiations with the bank since then on what the scheme will look like with our priorities to ensure that the scheme is fair, transparent, and treats staff at all levels equally.

We are glad to announce that high level details of the scheme have been agreed, and staff will be eligible to get variable payments of up to a maximum award of 10% starting in 2024.

This is a good day for staff in Bank of Ireland and shows the benefit of good stakeholder engagement and Union membership.”