Ulster Bank proposes seven per cent pay rise and £1,000 cost of living payout in union deal

The FSU is to ballot its Ulster Bank members on a proposed 7 per cent pay increase.
Emma Deighan

ULSTER Bank union members are being encouraged to accept a recent deal from the bank which will see staff receive a seven per cent pay rise and a cost-of-living payout.

The Financial Services Union (FSU) has concluded negotiations on a new pay deal for 2023 which, if accepted by members, will mean a seven per cent rise but also a payment of £1,000 for all Grade A, B and C staff due to be paid this January.

Gareth Murphy, Head of Industrial Relations and Campaigns with the FSU said the union is recommending acceptance of the deal “but ultimately it will be up to the members to decide”.

He said: “The FSU and Ulster Bank have been in intense pay talks for the last number of months. Those talks have now produced a comprehensive set of proposals which we believe is a positive outcome for our members.

“This pay deal supplements deals already agreed with Ulster Bank which included a four per cent pay increase in April 2022, and a four per cent cost of living pay increase in September 2022 for those under €45,300/£32,000 full-time equivalent.

"If accepted this deal will deliver a mid-point pay increase of seven per cent to our members in April 2023 and a cost-of-living payment of €1,150/£1,000 for all Grade A, B and C staff to be paid in January 2023.”

He added: “These proposals demonstrate the strength of union membership and the importance of having democracy in the workplace. More workers are beginning to unionise, and we believe this is great for fairness and equality in society.”

The ballot for Ulster Bank members opens on Monday, December 5 at 9.15am and closes on Friday, December 16 at 4pm.

The proposal comes almost two months after Bank of Ireland and AIB announced some of its workers would receive cost-of-living payments.

BOI announced a cost-of-living payment for staff level 1-5 £1,250 while AIB confirmed that all staff from level 1-5 will receive a tax-free Appreciate Award up to the value of €1000/£1000 which can be used in all retailers on the list available on the 'Appreciate schedule of retailers'.

The FSU launched at a campaign in September seeking all employers to provide additional financial support to their staff to support them through the current cost of living crisis.