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No Salary Increase for 8,243 Staff
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Date: 18th Nov 2004
Despite the fact that over 8,000 staff in Lloyds TSB got no salary increase this year, Amicus/Unifi, the engineering, electricians and finance union, said that its pay deal with the Bank "... will be seen as a pacesetter in the UK's finance sector, putting Lloyds TSB ahead of its main high street competitors".
Mark Brown, Assistant General Secretary, said “LTU was the only Union to reject the Bank's 2004 pay offer and reward package and our stance was supported by 75% of members. Amicus/Unifi’s grubby deal with the Bank has resulted in thousands of staff getting no salary increase yet again despite the fact that Lloyds TSB is still one of the most profitable companies in the UK.”
No Market Movement For Thousands Of Staff
LTU have said that all staff, regardless of their zonal position, should automatically get the increase in the market movement for their Band. Market movement increases are important because they are usually just to keep staff in the same position they are relative to the market.
The evidence from the Bank shows that some 3,782 staff, or 11% of the total number of staff in UKRB in the 'market' zone, got no market movement increase at all in 2004. In the Insurance and Investment Division, which includes Scottish Widows and General Insurance, 14% of staff in the 'market' zone got no market movement increase.
Going Backwards
Even in periods of low inflation, the cost of living continues to remain an enduring influence in the pay setting process.
However, the figures produced by the Bank show that 8,802 staff in UKRB alone, or 25% of staff, got a salary increase of less than 2% this year. In fact just over 5,000 staff in UKRB got no increase at all. Research has shown that highly engaged staff outperform their less engaged colleagues and that can lead to a measurable difference in company performance. LTU says that the Bank can’t aspire to be a high performance organisation when 14% of its customer facing staff, who are the backbone of the Branch Network, have received no salary increase and are not likely to receive a salary increase in the foreseeable future.
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