Inflation proofed pay increases required to help struggling families.

Nice words will not put bread on the table – Says FSU

John O’Connell, General Secretary of the Financial Services Union has urged the main retail Banks to show leadership and pay their staff an inflation proofed pay increase.

Speaking at a meeting of the General Council of the FSU Mr O’Connell said:

“The inflation rate in December of 5.5% was the highest recorded for over twenty years. Families and individuals are struggling to survive with high price increases recorded in essentials like bread and home heating oil.

Government interventions are welcome but the best way to protect workers from an increase in inflation is to increase pay.

The main retail Banks have all recorded a return to profitability this year and many are intending to pay dividends to their shareholders.

The Chief Executive of the Banking and Payments Federation of Ireland speaking on behalf of all the main retail Banks highlighted that the current rate of reward for staff in the Banking sector was a disadvantage “if retail banks are to compete for, the skills necessary for their future transformation”

The Minister for Finance Pascal Donohoe was correct last week in relation to bank workers when he said that “those bank workers who kept our branches working provided a very valuable role to their local community” and played a “really valuable role during this pandemic “

The professionalism and dedication of Bank staff has contributed hugely to the positive outlook for the Banks. The Minister words are welcome but nice words will not put bread on the table. It is not good enough for the Banks to talk about abolishing the pay cap for a tiny minority in the Banks whilst ignoring the plight of most staff.

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

Inflation proofed pay increases where good enough for the Banks to consider when the inflation rate was low.

Now it is time for the Banks to reward their staff in their pay packets.

Workers, particularly those working in employments which are profitable should be treated by their employers as important stakeholders and given the respect they deserve.

The Financial Services Union have lodged pay claims with all the main retail Banks with an inflation proofed pay increase for staff our central demand”

ENDS