Inflation proofed pay increases are the minimum to be expected from profitable Banks – Says FSU

Erosion in workers’ wages necessitates above inflation pay increases says FSU.

John O’Connell, General Secretary of the Financial Services Union has urged the main retail Banks to show leadership and agree inflation proofed pay increases which rectifies the erosion in the purchasing power of workers’ pay packets over recent years.

The FSU expect to be pay talks with PTSB, Ulster Bank and Bank of Ireland over the next few weeks.

Commenting Mr O’Connell said :

“All of the main retail Banks have announced increased pretax profits for the current year to date and are in a very healthy financial position.

At a time when Banks are announcing a billion in profits for the first six-months of 2023 it is inconceivable for their staff to be financially less well off than the previous year.

The Consumer Price Index  rose by 2.4% in 2021, 7.8% in 2022 and by  over 6% between August 2022 and September 2023.

Taking into account pay increases awarded within that timeframe this has  resulted in a decrease in pay in real terms for workers.

Inflation proofed pay increases which deal with the erosion in workers’ pay packets over the last couple of years is the minimum to be expected from these very profitable companies.

The Banks have highlighted that pay and reward for staff is causing difficulties for them in attracting and retaining staff.

It is important a signal is sent from the Banks  that decent pay and conditions are on offer in the sector and a career in the banking sector is something to aspire to for new graduates.

The FSU will sit down with all the main retail Banks to protect the interests of our members, reminding the Banks that staff are a key stakeholder whose work and professionalism has helped return the Banks to profitability.”

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