Members of the Financial Services Union (FSU) at AIB are set to vote on proposed pay increases totaling 3.5%. The ballot opens this Friday, February 13th, and will remain open for two weeks.
Details of the Proposal
The 3.5% increase is structured as a 1.75% fixed increase and a 1.75% performance-related increase. In addition to the percentage increase, the proposals include a tax-free voucher worth €1,000 for eligible staff.
The proposals guarantee a minimum payment of €1,500 for eligible staff, with a focus on prioritizing AIB’s lowest paid workers. AIB has also agreed to cover the increased Vhi premium, estimated at approximately €600, benefiting members in the Republic of Ireland.
Union Support and Bank Response
Gareth Murphy, Head of Industrial Relation and Organising at the FSU, stated that the proposals are both recommended and supported by the union. The FSU anticipates a full variable pay payout of 5% this year, in addition to the proposed increases.
AIB’s Chief People Officer, David McCormack, emphasized the bank’s recognition of its employees’ contributions to its success, noting that AIB serves 3.4 million customers. The bank views the agreement as a commitment to ongoing change, and cooperation.
Frequently Asked Questions
What is the timeline for the ballot?
The ballot of FSU members will open on Friday, February 13th, and remain open for two weeks.
What is included in the pay proposals?
The proposals include a 3.5% pay increase (split between fixed and performance-related components), a tax-free €1,000 voucher, and coverage of the increased Vhi premium, circa €600.
Who will benefit from these proposals?
Eligible staff will receive a minimum payment of €1,500, with the lowest paid workers at AIB being prioritized.
If approved, these proposals could set a precedent for future negotiations within the financial sector. It remains to be seen whether the FSU membership will accept the terms offered by AIB.
