FSU to ballot Ulster Bank union members on pay deal.

02 February 2022

Deal would deliver 4% increase for most workers and up to 6.5% increase for lower paid

The Financial Services will be conducting a ballot of union members in Ulster Bank on a pay deal negotiated between the Union and Ulster Bank, a deal which was facilitated by independent mediator, Martin King.

The FSU have been vocal in the last few months looking for workers to receive an inflation proofed pay increase this year particularly from profitable employers.

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

“Negotiations between the Union and Ulster Bank have been underway for a number of months now with an inflation proofed pay increase for workers a key demand for the FSU.

These negotiated proposals will deliver a 4% increase for most workers and a 6.5% pay increase for those on medium to lower pay.

An additional element to this deal is that it would, if agreed introduce a new entry rate of €30,015 for new starters in the Bank which is the best in the sector.

It will also include an additional 370 workers who previously did not receive pay increases.

The agreement with Ulster Bank will be voted on in the coming weeks by Union members in Ulster Bank.”

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

“The cost of living is rising and causing huge issues for families and workers across the Country.

It is important that profitable employers recognise the work done by their employees over the last twelve months and increase the pay packet of their staff to protect them against the rising cost of inflation.

The FSU have lodged similar pay claims with PTSB, AIB and Bank of Ireland.

The FSU are currently in negotiations with AIB and PTSB on pay and will be attending the WRC with Bank of Ireland after agreement could not be reached with the Bank on a pay deal for workers.

Nice words from Bank management or from the Minister for Finance will not put bread on the table or pay to heat a home. An inflation proofed pay increase is the least staff deserve.”