Only a significant pay increase will satisfy the expectations of union members says FSU

FSU tells banks they must do the decent thing and reward staff properly

The Council of the Financial Services Union (FSU) has unanimously agreed a motion calling on all its pay bargaining committees to insist on a significant pay increase for its members in each of the main retail banks in the Republic of Ireland and Northern Ireland.

This follows a pay seminar held earlier in the week with all elected officials of the FSU which debated pay strategy and which was briefed on the current economic conditions including the impact of inflation on living standards. Representatives voiced their strong opinion that staff had gone above and beyond their contractual obligations in recent years to ensure the retail banks continued to provide a professional and customer centric service which has allowed the banks to thrive.

Speaking after the meeting, John O’Connell, General Secretary of the FSU said:

“ The FSU have spent the last number of months listening to the voice of our members who have expressed their expectations that there will be significant pay increases achieved across the retail banking sector this year.

These expectations were amplified by our elected representatives this week and endorsed by the Council of the FSU.

Banks have already announced bumper half-year profits and are expected to announce billions in profits with huge payouts to shareholders at year end. This is only possible due to the dedicated and professional staff who work in very challenging circumstances, dealing with constant cuts in staff numbers and increased workload. Bank staff produce significantly more profits per employee than before, growing in the region of €40,000 profit per employee in a year to some €200,000 profit per employee in some banks.

Pay increases for our members over the last few years have not kept pace with inflation and their earnings in real terms has dramatically decreased over that period. It is time that hugely profitable companies, who have no hesitation in handsomely rewarding their shareholders and senior management, pay their staff what they deserve.

Banks can well afford a significant pay increase, and it is the expectation of our members that this will be achieved.

The FSU expect that direct talks will begin shortly with some of the main retail banks with others to follow later in the year”

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