Staff at the bank are set to receive a series of pay increases in return for greater flexibility and changes in workplace structures. These new proposals are recommended by the banking trade union, IBOA.
Under these proposals, staff would receive a 1.75% pay rise, backdated to July 2014, and a 2% increase from January 2015. They would also receive a lump sum worth 5% of their current salary at the end of this year.
Staff are being balloted on this new pay scheme.
Bank of Ireland has restructured its pension scheme and reduced staff numbers by 4,600 since 2008. Pay was not cut, however.
The head of IBOA, Larry Broderick, has said that these proposals ‘acknowledge the major sacrifices made by staff over the past six years.’
Senior management at the bank, including its CEO, are excluded from these recommendations.