Financial Services Union launch pre budget submission

FSU call for additional supports for workers in the Finance and Tech sector in pre-budget submission

Increase the home working allowance and remove pay restrictions on ordinary bank workers says FSU

The FSU have today, Sunday launched their pre-budget submission which includes a call for a removal of the pay restrictions imposed on ordinary bank workers as part of the States response to its bailout of the Banks and an increase in the €3.20 per day home working allowance. It also includes a demand for an increase in the maximum tax-free amount that can be received in one year from the benefit/voucher scheme from its current rate of €500 to a new rate of €1,000 and to enable it to be made in two payments.

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

“Workers across the economy are struggling to meet the increased demands in the rise in the cost of living. Families are having to make decisions on spending their scarce finances on home heating or putting food on the table. Employers need to act and provide additional financial support, but the Government also need to directly intervene and provide targeted supports where necessary.

In our pre budget submission we are calling on the Government to make several decisions which we feel will benefit workers in the economy generally and in the Finance and Tech sector which we represent.

Our five main demands are:

1. The Minister for Finance should remove the restriction on variable pay up to €20,000 per annum and standard workplace benefits imposed on ordinary employees of the three bailed out retail Banks.
2. Increase the maximum amount that can be received in one year from the benefit/ voucher scheme to €1,000 tax free and enable it to be made in two payments throughout the year.
3. The €3.20 per day home working allowance should be dramatically increased to take account of the rising cost of home heating, electricity, broadband, insurance, and other ancillary items. If an employee is working remotely this should be a mandatory payment made by the employer for every day the employee is working remotely.
4. The FSU propose the Minister for Finance makes it a legal requirement for any employer who wishes to avail of the digital Gaming tax incentive to show they at a minimum pay the living wage, provide secure contracts of direct employment, give proper pension provision and support employer engagement with trade unions.
5. The Government should legislate for board – level representatives for employees and consumers in the three retail banks.

You can access the full document here : https://www.fsunion.org/assets/files/pdf/fsu_2023_pre-budget_submission.pdf

“The FSU are of the opinion it is appropriate to retain both the excess bank remuneration charge and the Senior Executive salary cap at this time but feel it is time the Minister removed the restriction on variable pay up to €20,000 per annum and standard workplace benefits imposed on ordinary workers of the three bailed out retail Banks.

This restriction affects around 23,000 ordinary bank workers and prevents any workplace benefits including health insurance and childcare supports been paid to any staff members.  This is unjust as bank staff earn as little as €26,000 and are severely challenged by the cost-of-living crisis. An equally compelling argument is that dividends have been restored to bank shareholders and the pay of senior civil servants and judges on salaries of over €200,000 has also been restored leaving bank workers as the only group of workers in the State who are subject to pay restrictions.

Taken together the five demands in our pre budget submission would provide an opportunity for employers to reward their staff through tax free payments, would provide financial support for those staff working from home and would make the living wage the minimum wage in the game industry. “

ENDS