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Manager Latest News
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Date: 11th Jan 2010
LTU has rejected the Bank’s new harmonised terms and conditions of employment and will be recommending that members do the same in our ballot which will be going out next week. The reaction we have received from Managers has been one of utter amazement that at a time when morale is at rock bottom and confidence in Senior Management at an all time low the Bank should seek to propose, let alone implement, such swingeing cuts in the benefit packages of hard-working members of staff.
If the Bank proposals are implemented without any further significant changes, then Managers and their families are going to be severely disadvantaged for the rest of their lives. LTU will do whatever it takes to stop that from happening.
The Group’s proposals are as follows:
- To issue new contracts the result of which will be to limit pensionable pay increases for Managers each year by 2%, or inflation if less, or your pay increase whichever is the lowest with effect from April 2010. A Local Director for example aged 52 with 31 years service would lose £191,000 in pension benefits.
- To manage the basic salaries of thousands of Managers downwards over the next few years as a result of Bank plans to remove the ‘upper’ and ‘lower’ levels for Bands 2 and 3.
- To remove Status Cars for Managers who do fewer than 12,000 business miles per year and to force them to take the cash allowance instead.
- To withdraw life event leave, the holiday banking scheme and out of season holidays from implementation of the new terms and conditions.
- To withdraw family private medical cover for 3,000 Managers. And to add insult to injury the Bank also plans to withdraw free health screening for 6,000 Managers in Bands 2-4.
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