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Offshore Pay Off-Beam
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Date: 8th Mar 2003
Negotiations between LTU and the Bank resumed this week over the Bank's 2003 pay offer for staff working Offshore, but broke up without agreement. These negotiations cover staff working on Jersey, Guernsey and the Isle of Man.
The Union's pay claim had sought to address what it sees as the structural failures of the Bank's approach to pay by introducing a mechanism for defined salary progression. However the Bank's pay offer failed to address the Union's claim despite saying that it agreed with the principles put forward and was rejected.
In rejecting the Bank's offer the Union cited that it would leave many staff worse off in real terms once inflation was taken into account and that many staff would see a deterioration in their pay against the salary level the Bank considers to be the rate for the job.
Matters had been exacerbated during negotiations by the Bank's announcement that most staff would not be receiving any bonuses for their 2002 performance. This meant that many staff would be losing up to 10% of the income they were used to.
LTU has now registered, as part of an agreed disputes procedure, what is called a first failure to agree and a further meeting with the Bank will now be arranged.
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