THE Financial Services Union (FSU) is to ballot its members on a new Bank of Ireland pay deal that could see the average pay increase by 4% in 2024.
The banking union has announced "a breakthrough" in negotiations with the lender for its staff on both sides of the border, which involves increased pay and health insurance cover.
The FSU said the proposal, which will be subject to a ballot, includes an average pay increase of 4%, effective from January 1, and increased maximums on all pay ranges.
It would also see the entry salary for Bank of Ireland in Northern Ireland and Britain raised to £23,000, with increased minimums on all pay pay ranges.
The union said if the deal is accepted, health insurance will be paid at a rate of €1,400 annually in the Republic, effective from July 2024.
A spokesperson for the FSU said Bank of Ireland is currently undertaking market analysis to set an equivalent rate for Northern Ireland.
The deal also involves an additional £1,000 for QFA/APA qualification pay in Northern Ireland for lower paid employees.
Caitleen Desetti, industrial relations organiser with the FSU said: “It was essential that the 2024 deal would be inflation-proofed and represent real value for our members.
"Our members were clear that, health insurance was an essential ingredient for any deal.
"We have concluded that the proposals in their totality represent the best deal that can be achieved at this moment, and we are recommending the deal to our members."
The FSU is planning to hold meetings to explain the deal to its members, ahead of the pay ballot opening on November 22.
The union's general secretary, John O'Connell said: “The FSU campaigned for the return of variable pay and benefits so that ordinary bank employees could be rewarded on an equal basis as others working in the wider financial services sector.
"The agreement between the FSU and BOI on health insurance is a step in the right direction to help make the retail banking sector a career choice for new graduates.
"Ultimately, union members will decide in a ballot, and I would urge all members to participate in the member meetings over the next couple of weeks.”
