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Bank 'Sexes Up' Pay Pot
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Date: 26th Feb 2004
Lloyds TSB stands accused of deliberately and mischievously trying to ‘sex up’ the amount of pay increase staff will get from the recently announced ‘pot’ of money available to fund this year’s pay round.
Staff across the Group have received a “dodgy” booklet from the Bank which announces on its front cover a pay pot of 3.5%. It goes on to say that there will be an “….additional 0.85% spend on automatic adjustments.”. It concludes, in a statement which even Comical Ali – that’s the Iraqi Information Minister – would have been proud of, that if you “….add the 4.35% spend on basic pay to the 4% Flavours cash sum and this makes a total of 8.35%.” The clear implication here is that staff will get a salary increase worth 8.35%. But that is simply not true as the two payments are in fact completely separate. The Flavours payment, made under the Bank’s flexible benefit scheme which goes by that name, is fixed at 4% and the majority of staff will in practice get an increase from the pay pot of less than 4.35%.
Mark Brown of Lloyds TSB Group Union has said that “You don’t need a Hutton style Inquiry to realize that by combining these two completely separate payments the Bank’s Spinmeisters are playing fast and loose with the figures”.
LTU’s negotiations with the Bank on all aspects of Pay 2004, both in terms of structure and money available to fund that structure, are set to continue at the conciliation service ACAS over the coming weeks.
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