AIB staff urged to take 5.5pc pay rise
Thousands of AIB staff have been told they should accept a 5.5pc pay rise over the next two years.
The Financial Services Union (FSU), which represents many staff at the State-owned bank, will recommend that AIB workers accept the two-year pay deal facilitated by the Workplace Relations Commission.
The deal allows for an average increase for staff of 2.75pc in both 2017 and 2018. The deal includes job security commitments from the bank, including no compulsory redundancies before 2019 - a year longer than was previously agreed.
Under the terms of the deal, the bank will carry costs associated with management of AIB pensions, and committed to full consultation with the union on its future reward structures
"Following lengthy negotiations, our union is now in a position to recommend that members accept this two-year pay deal," said Billy Barret, senior industrial relations officer with the FSU. "It represents an improvement on the pay increase secured and accepted in 2016. It also ensures AIB will shoulder the pension management fees over the duration of the agreement, rather than passing these on to individual staff," he said.
However, the union said it is concerned at the prospect of a part-sale of the bank, which was bailed out with €21bn of taxpayer money after the Crash.
Pay increases are now being seen across the banks. Independent mediator Kieran Mulvey has recommended an 2pc pay increase for staff at Ulster Bank. The FSU has suspend a ballot to approve that increase however, due to a dispute over timing.