FSU wins additional 4% pay increase in Ulster Bank to cover cost of living increases

Financial Services Union and Ulster Bank agree an additional cost of living pay increase for 2022

Ulster Bank to pay additional 4% to staff in ROI earning up to €45,300

The Financial Services Union (FSU)and Ulster Bank (UB) have agreed to an additional cost of living pay increase for 2022 for staff working in Ulster Bank earning up to €45,300.

Ulster Bank and the FSU had previously agreed a pay increase averaging 4% for staff in April 2022.

The key points of the newly agreed plan are:

• The Bank will make an extra pay increase of 4% for all staff in the Republic of Ireland earning up to €45,300.
• This additional increase will be paid in the September payroll and will have no effect on pay negotiations for next year.
• All Grade A, B and C salary ranges will also move up by 4%.

Commenting on the latest pay increase Gareth Murphy, Head of Industrial Relations and Campaigns with the FSU said:

“We have been in talks with the Bank for the last couple of weeks and are pleased that the Bank has responded well and has agreed to a plan to help address the rising cost of living for those on lower pay in the Bank.

“In practical terms this will mean well over a thousand workers who are on the first two pay levels in Ulster Bank will receive an 8% increase in pay in 2022.

For those above the threshold the reference point moves in ranges for Grades A, B and C which will have the effect of improving their position ahead of pay next year.

We have also received strong assurances that this will have no effect on negotiations for next year’s pay increase”

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

“The Central Bank has warned today that inflation could reach and exceed 10% later this year. Families are struggling to put food on the table and heat their homes.

We need employers to respond positively in pay negotiations with Unions for an additional pay increase for staff to ensure they are best protected from rises in inflation.

This is a very welcome targeted response from Ulster Bank to the rising cost of living and is an action that should set the tone for other employers in the sector “

ENDS