Bank of Ireland strikes two-year pay deal
Bank of Ireland has agreed a pay deal which recommends salary increases of 7.5% over two years linked to performance. The deal, which is supported by improved and sustainable Group financial performance, is the most significant pay award in over a decade. It follows negotiations with employee representative bodies and is now subject to acceptance through staff ballot.
Colleagues will be eligible to receive a pay award of 7.5%, made up of 4% in 2022 and 3.5% in 2023. Bank of Ireland is also adjusting entry level salaries in Ireland by €1,500 (to €26,500) and in the UK by £1,000 (to £18,500), and is increasing the monetary award to staff who enhance their professional qualifications.
Discussing the pay review, Matt Elliott, Chief People Officer, Bank of Ireland said: “This deal is the most significant pay award we’ve made in over a decade. Following the exceptional challenges of the last two years, we are pleased to be able to provide our colleagues with clarity on pay to the end of 2023. As part of the deal we’re also taking steps to increase entry level salaries, as well as the reward for colleagues who attain additional qualifications.
“We believe it is essential that we can reward colleagues for high performance. However, we operate under restrictions which ban performance related variable pay which many other companies – in banking and other sectors – offer widely. These restrictions are unique to Ireland and place Irish banks at a serious competitive disadvantage to other employers. We will continue to press for the normalisation of pay for workers in Irish banks to ensure we attract and retain talent at all levels.”
Subject to acceptance by ballot, salary increases will be backdated to 1 January 2022.