Bank workers pocket 4%

Intervention by Ireland’s Labour Relations Commission (LRC) has resulted in a 4% pay award for 2,000 employees of Ulster Bank in Northern Ireland.

The increase, which will also apply to the bank’s staff in the Irish Republic who are not covered by the country’s national wage agreement, is worth more than twice the rate of inflation in the province.

Initially the bank – which is owned by the Royal Bank of Scotland (RBS) – offered an increase of just 0.75% for its Northern Ireland staff, but this was firmly rejected by Irish banking union the IBOA.

The matter was sent for mediation to LRC chief executive Kieran Mulvey, who recommended the 4% increase – and also determined that the bank should begin a review of all salaries by the end of this year.

The IBOA is currently balloting its members on the pay offer, with a recommendation to accept. IBOA general secretary Larry Broderick commented that it was “the best that can be achieved without recourse to industrial action”.