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AIB staff set to strike over new cost-cutting

AIB employees are prepared to strike if management impose the planned cost-cutting measures.

Bank workers' union IBOA said that a "substantial" majority of employees are backing plans for industrial action if management continues with the wide-reaching plans.

Earlier this month, AIB announced plans to shed 2,500 jobs from its workforce, put remaining employees on a two-year pay freeze and switch to a defined contribution pension scheme.

Top executives' pay would be cut by 15pc, other executives take a 10pc cut, and senior managers take a 7.5pc wage reduction.

IBOA said its poll published results of a members' ballot on the issue yesterday to coincide with the bank's AGM at its Dublin headquarters. It found that the bank's staff "are virtually unanimous in their rejection of the cuts package". "An overwhelming majority would be prepared to join in litigation to prevent the implementation of the proposals," the IBOA added.