Bank of Ireland confirms additional cost of living supports for colleagues

Bank also plans Profit Share Scheme from 2024

Recognising ongoing cost of living pressures, Bank of Ireland is confirming a number of enhancements to its existing 2023 pay arrangement. These include cost of living payments, increases to entry level salary, introduction of a benefits allowance and a further base pay increase of 1.5% for this year, tailored to colleagues across the company.

The Bank is also introducing a performance-related Profit Share Scheme which will see colleagues rewarded by April 2024 based on both the financial and operating performance of the company and individual performance during 2023¹.

The pay developments announced today follow the recent announcement of a number of new and enhanced people policies. These include improvements to parental leave, and leave for foster care, early pregnancy loss, fertility treatment, surrogacy, menopause and those suffering domestic abuse.

Matt Elliott, Chief People Officer, Bank of Ireland said: “As one of Ireland’s largest companies and employers, with a strong international presence, our ambition is to make Bank of Ireland one of the best places to work. We are doing this in a range of ways, including through progressive people policies and flexible working supported by a network of remote hubs.

“We made a cost of living payment in 2022, but recognise that cost of living concerns have persisted into 2023. Therefore, we have proactively engaged with employee representative bodies on a number of pay enhancements to the previously-agreed arrangement for this year. This should alleviate some of the pressures which colleagues are experiencing currently.

“Looking to the future, and as a fully privately owned company, we also want to use an element of performance related pay to attract and retain the people we need to deliver great outcomes for customers and grow our business. This is normal business practice, and our new profit share scheme will allow us to compete on a more level playing field with a wide range of other employers.

“Our approach is a progressive one which will help deliver positive outcomes for customers and stronger risk management, while encouraging us to reach our targets. These include in green lending where we can – and must – play a strong role in addressing the climate emergency.

“We will continue to challenge ourselves further to ensure Bank of Ireland is an attractive and inclusive place to work and to serve our customers.”

Ends

Note for Editors:

2023 Enhanced Pay arrangement

• A further Cost of Living payment in April 2023 for in-scope colleagues at Bands 1-4. The amounts payable are €720 in ROI and £940 in the UK (equivalent amounts will apply in other jurisdictions).
• A further base pay increase of 1.5% for in-scope colleagues in Bands 1-3, applicable from June 2023 (meaning the total increase for Band 1-3 in 2023 will be 5%).
• Introduction of an annual Personal Benefit Allowance of €200 / £175 per annum for Band 1-3 in-scope colleagues.
• An increase to the Band 1 minimum salary in both ROI and UK from April 2023. The increase is designed to position our entry level salary well above the Living Wage standard.
• An increase to the minimum salaries payable to those with APA and QFA qualifications, given the importance of these qualifications in helping serve our customers and building careers in BOI.