Bank of Ireland staff are to receive their first pay rise in seven years as well as a once-off bonus worth 5 per cent of their annual salary.
The Irish Bank Officials’ Association (IBOA), which represents most of the bank’s staff, have backed proposals for a 3.75 per cent pay rise over the next three months.
Following the outcome of the ballot, employees will receive an increase of 1.75 per cent next month, back-dated to last July, with a further 2 per cent increase due in January.
Staff will also receive a once-off lump sum payment equivalent to 5 per cent of their current salary in recognition of the transition to the new pay framework.
The IBOA's Larry Broderick described the new pay and career framework proposals as "an important milestone on the road to recovery within Irish banking - which also sets an important precedent for other financial institutions."
“The framework agreed in Bank of Ireland after six months of intensive talks between management and IBOA, will also provide an intelligible and consistent career path for all employees - with due recognition for relevant professional qualifications.”
“It also includes very clear bargaining arrangements through which future remuneration will be determined from 2016 onwards,” he said.
“Now that Irish banking has at last been stabilised after the wide-scale restructuring since the financial crisis, it is timely that we begin to look to the future.”
