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Standing TSB sets minimum wage and raises all salaries

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Permanent TSB is raising the minimum wage to €27,500 a year for all workers, including newcomers, and all bank employees are to receive a 6.5 percent pay rise over the next two years.

The collective agreement negotiated with the unions includes an increase in maternity leave from 18 weeks to 26 weeks at full wages less social assistance

An existing marital leave regime will be replaced by a more comprehensive lifetime leave regime.

The new collective agreement also includes improved rules for paid sick leave, subject to a minimum level of service, in relation to short and long-term sick leave.

All of the bank’s 2,000+ employees will also receive a one-off Wellbeing Day to be held at a time in 2022 to be agreed with their manager

A spokeswoman for the banks said management and unions had been trying to agree an affordable and progressive deal for colleagues that included significant increases in base salaries along with an expanded range of employee benefits.

In February, the Bank of Ireland announced a 7.5% pay increase over two years. The permanent TSB deal calls for a 3.5 percent increase in year one and a 3 percent increase in year two.

The minimum starting salary for all young professionals/graduates will be increased from €25,000 to €27,500. Those who receive less than €27,500 will have their salary adjusted to the minimum of their new (post-PRP) salary or €27,500.

Permanent TSB, along with Bank of Ireland, is one of the banks still subject to salary caps and a ban on bonuses and some other benefits introduced after the financial crash. Bosses at all major banks have said salary caps are making it harder to retain and hire staff, likely putting pressure on managers to raise base salaries to compete for talent.

https://www.independent.ie/business/permanent-tsb-sets-minimum-rate-of-pay-and-raises-all-salaries-41498967.html Standing TSB sets minimum wage and raises all salaries

Fry Electronics Team

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