DANSKE Bank has agreed to avoid any redundancies within its Northern Ireland operation for at least two years, after staff backed a new pay deal.
The Financial Services Union (FSU) said the agreement, approved on Friday evening, followed three months of negotiations with the north’s biggest lender.
The talks were launched after the the Danish group announced plans to cut seven per cent of all staff, around 1,600 jobs, over a period of six to 12 months.
Danske Bank said it was part of a three-year cost-cutting programme.
Around 1,350 people are employed by the lender in Northern Ireland.
The FSU said the talks addressed managing the bank’s escalating costs, protecting jobs and mitigating the need for redundancies.
Agreement was initially reached two weeks ago. The FSU said an overwhelming majority of staff voted to accept the deal on Friday.
“The deal provides for pay certainty over the next three years and a commitment from the bank that there will be no redundancies, either voluntary or compulsory, for at least the next two years,” said Mandy La Combre of the FSU.
“With Northern Ireland unemployment and redundancy figures at an all-time high, and all the economic uncertainty at this time, a commitment on job security is to be welcomed.”
The FSU said the deal will also see maternity pay increased from six-weeks full pay to 26 weeks. Parental leave has also been increased from three days to two weeks.
“Securing these increases was an essential ingredient to getting the deal accepted,” she continued.
“The FSU acknowledges the commitment of the bank in this area and particularly welcomes the increase in maternity pay from six-weeks full pay to 26 weeks.
“The pay agreement will stretch from 2021 to 2023 and provides clarity into the future for our members which is to be welcomed.”
