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Terms And Conditions - The Next Steps
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Date: 2nd Mar 2010
In our last Newsletter we reported that 99% of members voting in LTU’s ballot had rejected the Bank proposed new terms and conditions of employment. In addition, in response to the 60-day consultation period under the 2004 Pensions Act, over 7,000 members registered their feedback individually to the Bank.
We told members at the time that the more letters the Bank got the more realistic and active a posture it would take in the second round of negotiations which have recently commenced following the announcement of LTU’s ballot. That ballot result and the feedback individually from staff on the pension changes should cause the Bank to take a long, hard look at its proposals.
Early in our negotiations we asked the Bank to prove that its terms and conditions proposals were not designed just to reduce costs. The Bank said it would only provide that information on the basis that LTU didn’t publish it to members. We refused and now call on the Bank to publish the information for everyone to see. If it refuses, we will know it has something to hide and it should then stop making comments on the cost neutrality of its proposals.
At our last meeting we told the Bank that we wanted to reach an agreement on the new terms and conditions but not at any price and certainly not on the basis of the proposals that have been rejected so resolutely by our members. The Bank’s Executive Committee must make a choice.
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