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Pay 2010 & New Salary Scales
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Date: 1st Feb 2010
The final piece of the terms and conditions jigsaw has been announced today with the publication of the new salary scales (see Newsletter) for staff in Bands A-F. The distribution of the pay pot is also being announced today.
Members will be aware that LTU agreed a 3 year pay deal with the Bank. That deal consisted of a pay pot based on market movement plus 1%. This year that formula will produce a total pay pot of 2%. For this year the pot will be distributed on the basis of performance ratings as follows:
Not Met – 0%
Part Met – 0.5%
Met – 1.5%
Exceeding – 2.5%
Outstanding – 3.5%
The mechanics of the Lloyds Banking Group pay system will remain very similar to the zonal pay system that currently operates in Lloyds TSB. The salaries for staff in Bands A-C (8-6) will be managed against local market data based on the location of the branch/office where they work. Bands in D-G (5-2) will be managed against functional markets and some specialist function, such as Actuaries, Finance, legal, tax and Underwriting, will have their own separate pay ranges which will be communicated locally by HR.
Following the move to clusters and the introduction of harmonised salary scales there will be a significant number of Lloyds TSB and HBoS staff who will be positioned below the new minimum salary levels for their Bands. Those staff will receive increases, inclusive of their 2010 pay increases, to take them to the minimum of the new scales. That is unacceptable. Staff should receive the increase to take them to the new minimum salary levels and then should receive a pay increase based on their performance. Under the Bank proposals a member of staff who has produced an ‘outstanding’ performance for 2009 will get the same increase as a member of staff who receives a ‘met’ rating. That is not fair.
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