FSU and AIB agree on health insurance and variable pay for bank staff

26 October 2023

The Financial Services Union (FSU) have reached agreement with AIB on the introduction of health insurance and variable pay for ordinary bank staff in AIB.

AIB will pay health insurance for all staff and have re-introduced variable pay with a maximum payout under the scheme of 5% of Salary.

The Health Insurance proposals will commence in January 2024.

Commenting on the agreement John O’Connell, General Secretary of the FSU said:

“The FSU have campaigned hard for the introduction of a health insurance scheme and for the reinstatement of variable pay for ordinary bank staff. This agreement is a culmination of an enormous amount of work and is just reward for the professionalism and loyalty of Bank staff.

Ordinary Bank staff who are at the forefront of delivering change in the banking sector have suffered like others through the significant increases in the cost-of-living  and through austerity measures introduced after the bank crash.

The FSU campaigned for those austerity measures to be changed so ordinary bank staff could be rewarded. The change made by the Minister for Finance last year has enabled these pay and benefits to be introduced.

We want to make the retail banking sector attractive to new graduates and this is certainly a step in the right direction.”

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

“An ordinary bank worker on a starting salary of €30,000 can receive health insurance worth up to €1,450 and a  variable pay amount up to €1,500.

The Bank has further agreed with the FSU  the payment of a  €1,000 voucher to be paid in  November this year.

AIB are the first Bank to introduce health insurance for staff and this can be viewed as a positive start, but the FSU will continue to monitor the two schemes over the coming months to access how effective they are and to see how they can be improved over the coming years.”