Over a Billion Euro in operating profits must lead to increased pay for staff.

08 March 2023

Clarity is required from AIB on variable pay and benefits – says FSU.

The Financial Services Union has described the bumper results announced by AIB of over a Billion Euro in operating profits as testament to the dedication and professionalism of bank staff working under very challenging circumstances.

AIB have today announced an operating profit of over a Billion Euro and an outline of their intention to cover healthcare costs and to introduce an approved profit-sharing scheme in the future for staff.

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

“The announcement of bumper profits today by AIB needs to be quickly followed by an announcement of an increased pay offer for staff in 2023. The FSU have been highlighting in discussions with AIB the need for a top up to the already agreed pay deal for 2023 and a separate cost of living payment for staff to help with rising inflation.

The ordinary bank staff who deliver professional, friendly customer service in communities across the Country need to be adequately rewarded for their work. AIB need to follow the example shown by other retail Banks and agree a pay top up and cost of living payment as a matter of urgency”.

Commenting on the results announcement John O’Connell, General Secretary of the FSU said.

“The announcement of healthcare coverage for staff and the Banks intention to introduce an approved share option scheme are two of the key items the FSU have been discussing with AIB since the ban on variable pay and benefits to a maximum of €20,000 was lifted by the Minister for Finance in December.

We have been clear ordinary bank staff need to receive an increased pay offer this year and see tangible gains from the lifting of the ban on variable pay and benefits ahead of senior management in the Bank. Today’s announcement is welcome but lacks specifics, and the FSU will be seeking clarity on both issues at the earliest possible opportunity.

These issues will need to be properly discussed and negotiated with the FSU.”