BANK of Ireland and AIB have confirmed new one off cost-of-living support payments for staff.
The Financial Services Union (FSU) announced agreement on the new pay deals on Monday.
It said Bank of Ireland will pay £1,250 to all UK staff on bands 1-5.
Although staff in the Republic will receive a €1,000 tax-free voucher, the union said UK staff will receive their support through payroll.
The FSU said AIB have also confirmed all staff from bands 1-5 will receive a tax free ‘Appreciate Award’ up to the value of €1,000/£1,000, which can be spent with a list of participating retailers.
The agreement follows Danske Bank’s announcement of a £1,000 payment to staff in September.
Welcoming the payments, FSU General Secretary John O’Connell urged other employers to follow suit.
“Today’s agreement from Bank of Ireland and AIB will go some way to alleviating the real issues that workers have in meeting their day-to-day bills,” he said.
Caitleen Desetti, industrial relations organiser with the FSU, said the deal with Bank of Ireland followed three months of talks.
“We welcome the Bank’s announcement and call on all other banks and finance sector employers to do the same,” she said.
Fellow FSU industrial relations organiser Billy Barrett, said the AIB deal followed “weeks of intense discussions”.
He added: “It is welcome news for staff who are struggling financially to meet the rising cost of living.”
Both Bank of Ireland and AIB have significantly scaled back their physical operations in Northern Ireland since last year. AIB cut its northern branch network from 15 to seven, while Bank of Ireland closed 15 branches, leaving it with 13 outlets.
