Permanent TSB (PTSB) has recently reached an agreement with the Mandate and the Financial Services Union (FSU) to provide its employees with a 4.7% pay increase for the year 2024. This negotiated deal, which has been approved by both the bank and the unions at the Workplace Relations Commission (WRC), is set to be voted on by the staff members represented by these two unions within the next fortnight. Additionally, the pay raise will be retroactively implemented to January 2024.
While this pay increase is higher than the deals secured by employees of AIB and Bank of Ireland, it falls significantly short of the 13% that the Unite union had initially hoped to obtain for its members. The WRC was summoned to intervene in the pay dispute just last month.
Gareth Murphy, the head of industrial relations and campaigns at the FSU, expressed his satisfaction with the agreed-upon pay deal, stating that it is a “really good proposal” considering the bank’s position and in comparison to other pay agreements in the sector. He also mentioned that the FSU plans to engage with the bank regarding pay ranges later in the year, should its members accept these proposals.
On the other hand, no official comment has been provided by the bank regarding the pay increase at the time of writing. Meanwhile, Bank of Ireland employees received a 4% pay raise for 2024, in addition to other benefits such as a health insurance allowance.
In 2022, the FSU successfully secured a deal with AIB for a 10% pay increase over a three-year period. Last year, this agreement was further supplemented with a package of supports aimed at assisting employees in coping with the rising cost of living.
In conclusion, this new pay increase agreement between PTSB and the two unions could potentially have a positive impact on the morale and satisfaction of the bank’s employees. It will be interesting to see the outcome of the upcoming staff ballot and how this decision will shape the future dynamics within the financial institution.