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OB Pay 2010 - No Agreement
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Date: 9th Feb 2010
Following a period of negotiations LTU and Offshore Banking have failed to reach agreement on how pay will be managed in 2010. Further negotiations are set to continue over the next few weeks.
Offshore Banking is proposing a total pay pot of 2%, with 1.5% being spent in April and a further 0.5% to be spent during the course of the year. Like the mainland the pay pot will be distributed on the basis of performance ratings (see Newsletter).
In previous years the whole of the pay pot has been used for salary increases in April and we have never had a situation in which payments have been made during the course of the year. For such a small population holding back so much of the pay pot to be used at the discretion of Line Management is completely unacceptable.
Large numbers of staff in Offshore Banking are going to see their pay going backwards relative to the market. On page 3 of the Newsletter we have published the salary scales and the market movement increases for all the Bands for each of the Islands. The average market movement increase across all three Islands is 2.7% and with a pay pot of just 2% means that on average staff are going to get increases less than the movement in the market.
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