Bank of Ireland and the Financial Services Union (FSU) have reached agreement on a pay deal which, if accepted by FSU members, would result in a 4% pay increase for staff.
The bank has also announced five days paid carers leave, an extension to paid parents leave and an increase in entry level salaries from €28,000 to €29,000.
The FSU is recommending acceptance of the pay deal. A ballot of members will open on 12 February and close on 26 February.
The union said it will be explaining the proposal to members through online meetings and site visits.
“The agreement follows intense local engagement over the last number of months including positive engagement from the Workplace Relations Commission,” said Shaeleen Martin, Industrial Relations Organiser with the FSU.
“Our members were clear throughout the process they wanted to see a pay increase that would reflect their hard work throughout the year,” Ms Martin said.
Bank of Ireland said it has also provided staff with an update on how it calculates and communicates its bonus scheme.
These may be paid annually depending on business performance and the management of risk.
The outcome is communicated to staff as part of the bank’s annual results announcement.
“As a leading employer in Ireland with a strong international presence, we are committed to providing competitive rewards and benefits, as well as positive career development opportunities for all our colleagues throughout the Group,” said Matt Elliott, Chief People Officer at Bank of Ireland.
