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Pay Campaign…
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Date: 10th Dec 2003
This year LTU’s Pay Claim demands a thorough review of the Bank’s pay structure.
LTU has said that a review of the Bank’s pay structure is needed to address some very fundamental issues. When agreeing to the review the Bank acknowledged LTU’s criticisms of its pay policy and said it saw merit in the proposals set out by the Union.
LTU has proposed:
- a scale minimum of 90% of the Market Indicator (M.I.) for bands 7 & 8
- 100% of the M.I. should be achievable for bands 7 & 8 after 2 years
- a minimum of 80% of M.I. for band 6 staff with progression to 100% after 5 years
- a guaranteed max. salary of 110% for staff at or just above the M.I.
- exceptional performance should allow further progression for those staff on 110% of salary
In April 2004 the Bank says it plans to introduce the concept of "Pay Zones".
Each band will have three pay zones – "primary", "market" and "high performance" – and each of them will have a salary minimum and maximum.
The "primary" zone will be for those who are new to a role or are developing in that role. Fully effective performers will be managed towards or in the "market" zone. Employees who consistently produce superior performance will be managed towards or within the "high performance" zone.
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