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T&C Negotiations - The Dangling Conversations
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Date: 9th Mar 2010
When announcing its 2009 results the Bank said “We are a business based on building deep and lasting relationships with our customers through the efforts of our people. Colleagues are our most valuable resource, as it is our colleagues who will build these relationships. Creating a great place to work is a core priority to enable the Group to achieve its vision of being the best financial services organisation and be recognised as the best organisation to work for.”
If the Bank’s Executive Committee really believed that statement then they would think again about introducing the proposed new terms and conditions of employment. They have been rejected by 99% of staff who participated in LTU’s ballot.
LTU has told the Bank that if it persists with its current proposed changes to the pension schemes, regardless of whatever minor changes it makes to the other terms and conditions proposals, those will not be acceptable to LTU and will be rejected. It is not a question of not wanting to compromise; it is a question of principle. The risks to the pension schemes have been capped, it’s been quantified from an actuarial perspective and is affordable in the medium and long terms.
LTU has published the results of its feedback but the Bank hasn’t published anything yet. We know from members that thousands of staff registered their views on the Bank’s proposals and the results of that consultation process should be published.
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