Less discretion, higher minimum finance pay

National Australia Group (NAG), which owns Clydesdale and Yorkshire banks, resisted an RPI-based claim despite making annual profits of £164 million. However, management agreed to rein-in discretionary pay and lift minimum pay rates within the salary pot of 2%.

General union Unite said that flat-rate performance payments of £820 for “outstanding” staff, £670 for “commendable”, £570 for “fully commendable/developing” and £100 “needs improvement” were “a fairer way of distributing the pay pot given its size”. The market range minimum rose to £7.00 an hour /£12,750 (the previous minimum was £12,000), affecting 360 staff.

There will be an equal pay audit, and salary levels (market references and ranges) increase in line with external market benchmarking.