| 8.1°C Dublin

Bank of Ireland staff set for pay increase


Bank of Ireland headquarters in Dublin

Bank of Ireland headquarters in Dublin

Bank of Ireland headquarters in Dublin

Thousands of staff at Bank of Ireland could be in line for a pay boost after a mediator recommended a pay increase.

Members of the Irish Bank Officials Association, the main union at the bank, are to vote on whether to accept a pay deal that includes a 2.2pc salary increase in 2016 and a 2.6pc hike the following year for the majority of staff.

The increases are a mix of fixed and performance-related pay.

The proposed pay deal from independent mediator Martin King has been accepted by the bank's management, the union said.

The IBOA will ballot its members in the New Year.

Under the proposals, in 2016, the general increase would be 0.9pc with an additional performance-related increase of 1.3pc for most workers. The 2017 increase is a similar mix - a 0.975pc set increase and up to 1.64pc of performance related pay

Pay is increasing at Irish banks on the back of a return to profit, however, across Europe the sector faces wide scale job losses. Ten of the region's biggest banks have announced staff cuts of 130,000 since June, according to data compiled by Reuters.

Irish Independent