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Bargaining news
Northern Rock’s private-sector bonus
Despite nationalisation, troubled bank Northern Rock paid its staff a rise of 3.5% from 1 January in the first stage of a two-stage 26-month agreement with Unite general union. The second stage of the deal is due on 1 April 2010, and will be worth an average of 2.8% including a performance-related element. If the bank successfully returns to the private sector, the bank will pay graded staff a non-consolidated bonus of 25% of salary.