Banking millionaires, but low-paid miss out

More annual millionaires in banking have been revealed, this time by Lloyds Banking Group. However, thousands of low-paid workers at the bank have been enduring pay freezes for a number of years.

The bank, which is 39% owned by the UK taxpayer, said 20 staff earned between £1 million and £2 million pounds in 2012 and a further five were paid between £2 million and £3 million.

Unite national officer Dominic Hook said: “There are 4,000 staff at Lloyds who got no pay increase at all and large numbers have endured four pay freezes in a row. It is one rule for the millionaires and another for hard-up staff on the front line.”

The union said Lloyds Banking Group had imposed an additional 1.75% pay pot to be shared among staff working in branches, call centres and back office functions up and down the country.

www.guardian.co.uk/business/2013/mar/25/lloyds-bank-pay-job-cuts

www.unitetheunion.org/news/oneruleformillionairesanotherforharduplloydsworkers/