FSU will demand significant pay increases for bank staff in future pay talks

Pay more or risk losing skilled staff says FSU

The Financial Services Union ( FSU) have responded to the announcement of increasing banks’ profits this week by warning the banks that the union will be seeking significant pay increase for its members in future pay talks.

The main three retail banks announced over 2.2 billion euros profit in the first six months of the year and all banks have pledged to handsomely reward shareholders.

Commenting on the bank’s announcement John O’Connell, General Secretary of the FSU said:

“Banks in the Republic of Ireland are making enormous profits. It is time our members who deliver a professional service on a daily basis are paid properly for their work. It is payback time for our members who in the last few years have seen their pay fall behind rising costs.

Survey after survey of our members show pay to be the number one issue.

Over the coming months the FSU will begin negotiations on pay with the retail banks. In those negotiations we will be insisting on just reward and significant pay increases for our members.

Banks are paying substantial amounts to shareholders and rewarding their senior management with significant share payments. The culture of rewarding senior management and shareholders first needs to change. There is no excuse for not significantly increasing the pay rate for entry level staff and ensuring all staff have a sense that their contribution is valued by their employer.

The Financial Services Sector is a vibrant area of growth with many opportunities for highly skilled professionals. In an ever-changing sector Banks will have to pay more to retain their highly skilled staff or risk losing them to employers who are offering higher salaries and better career prospects.

The FSU will campaign hard over the coming months to negotiate a pay deal that will meet the pay expectations of our members. We want to play our part in making the banking sector a viable and attractive proposition for graduates to aspire to work in and for current bank staff to feel valued and appreciated. Banks need to step up and play their part in providing better pay and conditions for workers .”

ENDS