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Terms & Conditions Cuts For Staff
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Date: 14th Jan 2010
The Bank is proposing that a new PIP scheme, subject to Trustee approval, will be introduced in 2011. This new scheme will be contracted- in, with no minimum age limit, automatic enrolment and with a default contribution of 3%.
Those who keep their contribution at 2% (plus National Insurance which will mean an extra 1.5%), which will be the majority of staff, will see their contributions from the Bank reduce by:
• 0.5% for those aged 25-30
• 2.5% for those aged 30-45
• 4.5% for those aged 45+
Lloyds Banking Group is going to use a working window of Monday to Saturday 8am – 8pm for the payment of overtime. Any overtime carried out during those hours will receive only the normal hourly rate, rather than 1.5. Sunday and Bank Holiday working will be paid 1.5 rather than double time.
Those staff with less than 4 years service in the Bank will see their sick pay entitlements reduced from 100 days at full pay and 100 days at half pay, to 80 days at full pay and 40 days at half pay, per year.
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