|
|
|
 |
Lloyds TSB Agrees Root & Branch Pay Review
|
Date: 29th Apr 2003
Lloyds TSB has agreed to undertake a root and branch review of its pay policy and pay management system.
The review comes against a background of the Union's Pay Claim for 2003 which aimed to address the structural inadequacies of the Bank's approach to pay and provide real and lasting improvements in pay for staff at all levels through a mechanism of defined salary progression. The Bank's offer announced in February fell well short of the action required and was rejected by LTU.
With the views of LTU members abundantly clear, negotiations continued and LTU told the Bank that it needed to undertake a root and branch review of its pay strategy. The Bank has now agreed to carry out such a review and LTU expects negotiations to commence no later than July.
LTU has stressed to its members that the review must include a fundamental re-examination of the Bank's pay structure and that it will not be sufficient for it be an exercise designed merely to tinker around the edges of the current system.
The Union has stressed the need for any new structure to be totally transparent. LTU says that too often in the past staff have been persuaded to accept new structures that they simply did not understand.
The Union has also stressed that it will not allow the Bank's review to be simply a sop designed to put pay to bed for another year. LTU has said that it will consult members on industrial action if the review does not begin by July or produce speedy progress towards a new structure that is both fully transparent and meets its claim on progression.
 |
|
|
|
