Finance workers secure pay deals

Settlements have recently been agreed at three finance companies.

AXA Insurance has agreed an increase averaging 3% for its 3,500 staff; this increases the minimum rate to £5.00 per hour.

The Co-operative Bank has agreed a pay pot of 3.65%, distributed as 2% flat rate with an underpinning minimum increase of £250 a year and 1.65% as a "capability payment". This deal covers the bank's 4,300 "non-service" staff; its service-centre staff have a separate agreement.

Newcastle Building Society has agreed a deal for its 440 staff which puts 3.8% on the pay bill with awards ranging from 2.6% to 6.2%; the higher awards are primarily focused on mortgage advisers. The deal also introduces two days' additional basic holiday entitlement for the lowest two clerical grades. Flexitime has been extended to some higher technical and managerial grades, and agreement reached to discuss an equal pay audit with the union Unifi.