Bank of Ireland offers biggest salary increase in over a decade

Acceptance of the proposed pay award imminent.

Bank of Ireland offers biggest salary increase in over a decade

The Bank of Ireland has offered its staff salary increases of 7.5% over two years – 4% in 2022 and 3.5% in 2023 – its biggest jump in pay in over a decade,

Bank of Ireland staff will now be balloted through their trade unions on whether to accept the proposed pay award. Subject to acceptance, the salary increases will then be backdated to January 01.

The bank also announced it would be increasing entry-level salaries in the UK by £1,000, for a total of £18,500, and boosting the monetary award to staff who improve their professional qualifications, the Belfast Telegraph first reported.

“This deal is the most significant pay award we’ve made in over a decade,” said Matt Elliott, chief people officer at the Bank of Ireland. "Following the exceptional challenges of the last two years, we are pleased to be able to provide our colleagues with clarity on pay to the end of 2023.”

The offer followed improved financial performance at the group, the bank said.

Financial Services Union (FSU) senior industrial relations officer Maeve Brehony described negotiations with Bank of Ireland as “challenging but constructive.”

“FSU are satisfied that we have negotiated the best deal possible for our members in the current circumstances,” Brehony said. “FSU will be recommending acceptance of the terms to our members.”

FSU general secretary John O’Connell added: “Last November the FSU stated our desire that pay increases … reflect the professional and incredible work of our members over the last 12 months in difficult circumstances and take inflation into account….

“The deal negotiated with Bank of Ireland meets this criteria.

“Pay increases from profitable employers play a vital part in protecting workers from the rising cost of living,” O’Connell said.