Mediator recommends pay increases for Bank of Ireland staff

Issued : 21 December 2015

IBOA to ballot members in New Year

IBOA members in Bank of Ireland are to vote on a pay offer involving increases worth 2.2% for the majority of staff in 2016 and 2.6% for the majority of staff in 2017.

The proposals – which have been formulated by independent mediator, Martin King – have been accepted by the Bank’s senior management. The IBOA’s Bank of Ireland Executive Committee is now arranging to ballot its members throughout the Bank of Ireland Group in the New Year.

The mediator has recommended pay increases made up of two elements – a general increase and a performance-related increase.

Under the proposals, in 2016, the general increase would be 0.9% and the performance-related increase would amount to 1.3% for the majority of staff – giving a total annual increase of 2.2%.

In 2017, the general increase would be 0.975% and the performance-related increase would amount to 1.64% for the majority of staff – giving a total annual increase of 2.61%.

“The mediator’s recommendation has come after weeks of intensive negotiation between the parties,” said IBOA General Secretary, Larry Broderick. “While the final decision on the proposals will be taken by our members in Bank of Ireland in a ballot in the New Year, the outcome of our engagement with the employer is a further positive sign of the return to more normal collective bargaining in this employment following the consolidation of the Bank’s return to profitability.”

“Bank of Ireland has already repaid the public investment needed to sustain it through the banking crisis and its positive performance means that the State’s remaining shareholding in the business has appreciated in value. The bank staff who have contributed so much to this success deserve to share in the benefits. The proposals from the mediator represent a step towards acknowledging this important contribution.”