|
|
|
 |
Bank Pay Policy Attacked
|
Date: 14th Mar 2003
As part of its 2003 pay campaign LTU has published a stinging criticism of the Bank's market driven pay policy.
LTU demonstrates that far from the Bank's policy being determined by an independent survey of the market and fixed fairly, as its communications would suggest, it chooses the companies it wants to compare itself with and chooses the point in the market at which it wants to pay staff. This is the point referred to as the median - at which 50% of those companies pay more to their staff. LTU says that this undervalues and underpays staff at all levels.
The Union is also highly critical of the rate of pay progression to Market Indicators - the level the Bank considers to be the 'rate for the job' for fully effective and experienced staff and described this as being 'woefully slow'. LTU says experienced staff paid around the Market Indicator have seen their pay not only stagnate but deteriorate in recent years.
The Union says that its pay claim seeks to address these failings and would provide real and lasting improvements in pay for staff at all levels through a mechanism of defined salary progression.
 |
|
|
|
