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LTU Campaigning For Brighton Weighting Allowance
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Date: 8th May 2003
Latest News Archive
LTU Campaigning For Brighton Weighting Allowance
[08 May 2003]
LTU is campaigning for a Brighton Weighting Allowance to take into account the particularly high cost of living for staff working in the area.
The Union believes that Lloyds TSB Staff working in Brighton suffer from an exceptionally higher cost of living.
Research carried out by the Union has found that housing costs, both in respect of purchase prices and rental, are so high that increasing numbers of staff can no longer afford to live independently. Some staff report having to return to live with their parents as the only means of making ends meet. With the Land Registry reporting the average price of a Flat or Maisonette in Brighton being £139,229, this is hardly surprising. For someone to afford such a property using the Bank's own lending criteria for a 95% Staff Mortgage, they would need to earn £33,067 to purchase alone, or £20,349 if earning the same as a partner to qualify for a joint mortgage.
Yet the Bank's proposed Market Indicators for 2003/4 in Brighton are just £13,750 for a Band 8, £15,750 for a Band 7, and £19,500 for a Band 6.
LTU's research has also found that Brighton Staff are paid far less than colleagues elsewhere when taking into account relative cost of living. For example, to have a matching standard of living to that possible on the Market Indicators for Bands 7 and 8 staff at the Bank's Head Office in Bristol, in Brighton these would need to increase to £16,388 and £18,388 respectively.
Because such increases in Brighton Market Indicators in Brighton would leave an insufficient margin of difference in pay with Band 6 staff, and since in any case the exceptionally higher cost of living affects staff in all grades in Brighton, LTU is campaigning for staff to receive a Brighton Weighting Allowance on top of their salaries.
The Union would expect this Brighton Weighting Allowance to be worth around £2,500 for all Brighton based staff and to be treated as pensionable salary.
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