Wednesday 17 January 2018

Over 40pc of Central Bank staff work under 35 hours a week

The Central Bank on Dulin's Dame Street
The Central Bank on Dulin's Dame Street

The Central Bank has admitted that two out of five staff must work fewer than 35 hours a week.

The admission comes despite the Central Bank's repeated criticism of the private and public sector for failing to boost competitiveness. The bank's economists and quarterly reports regularly urge companies to become more efficient.

Central Bank staff attended an internal three-person tribunal yesterday to discuss the introduction of longer working hours under the Haddington Road Agreement which is meant to improve the efficiency of the public sector.

The agreement insists that all public-sector employees who work fewer than 37 hours bring their hours up to this level.

The Central Bank said that 41pc of its 1,400 employees were contracted to work between 32.5 and 35 hours a week. The remaining staff are contracted to work between 35 and 39 hours a week.

The figures came to light as the bank holds talks with the Unite trade union to hammer out the terms of a collective agreement to increase hours.

The Central Bank added that it cut salaries for 570 staff by as much as 10pc as part of the Haddington Road Agreement. The staff hit by the cuts all earned more than €65,000.

The bank is not the only state organisation that is struggling with the Haddington Road deal.

It was revealed earlier this week that the National Treasury Management Agency tried to protect its high-earning staff from pay cuts after chief executive John Corrigan intervened to try to protect the interests of staff.

Finance Minister Michael Noonan decided workers at the NTMA would have to take the cuts. But they will be entitled to the reciprocal pay rise, when it comes back in subsequent years, under the agreement.

The NTMA employs 13 staff earning over €200,000 – including Mr Corrigan who enjoys annual remuneration totalling €416,500.

Arising from the Haddington Road deal, Mr Corrigan is facing a pay cut of €41,650 reducing his salary to €374,850.

Irish Independent

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