Business

AIB staff in line for ten per cent pay rise over 24 months

The FSU has negotiated an agreement which will see AIB staff receive a ten per cent pay increase over 24 months.

AIB staff are in line for a ten per cent pay rise over the next two years.

The Financial Services Union (FSU) said negotiations with the lender concluded on Tuesday.

It will now ballot its members on the 24-month deal.

If approved, it will see AIB staff on both sides of the border receive a four per cent pay increase now, with another three per cent in 12 months.

A further three percent increase will come into effect after another 12 months.

The Irish financial union’s general secretary, John O’Connell described the negotiations as “long and tense”.

“There were times throughout that it looked like we would not come to an agreement,” he said.

“The FSU were conscious of the difficulties that our members are experiencing with the rising cost of living and their anxieties of an ever-changing banking sector.

“This agreement, if carried by our members would give certainty on pay for the next number of years and a ten percent pay increase to the majority of workers in AIB.”

It follows recent agreements between the FSU and both Danske Bank and Ulster Bank for a 3.5 per cent pay increase for most staff in 2022.

The Ulster Bank deal also secured a 6.5 per cent increase for lower paid workers.

The FSU said talks with Bank of Ireland concluded in February with a four per cent pay increase for 2022, with a further 3.5 per cent rise from the start of 2023.

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