|
|
|
 |
Commercial Pay Pot: Where Is The Missing £1.6 Million?
|
Date: 16th Apr 2007
An indiscreet Interchange Communication by David Postings (Managing Director, Commercial) has lifted the lid on what LTU has long suspected ... that Commercial / Business Banking has not been spending its full ‘Pay Pot’ allocation on salary increases over recent years. In fact, we are told it has withheld 0.7% from salaries this year.
Despite the fact that the Bank’s Compensation and Benefits Department has confirmed that “the pay pot is for use on salary increases only”, Mr Postings has confessed that money has been diverted from salary increases.
In his communication, Mr Postings admitted that, over the last three years, average pay increases have been 3.1%. This means that, as a consequence of restricting pay increases in this way, Commercial Staff are now being paid on average 1.6% less than they should be. Put another way, this is equivalent to staff overall being denied around £1.6 million a year in salaries that they should be receiving. And this is before calculating the longer-term loss of other benefits such as pensions.
But what is not clear from Mr Postings’ message is where exactly the missing £1.6m creamed off from salaries has been spent?
Such a situation is intolerable to LTU and so over the coming weeks and months the Union will be campaigning for the 'missing £1.6 million' to be returned to staff in the form of across-the-board pay increases.
 |
|
|
|
