Staff at Permanent TSB reject Labour Court pay offer

Staff at Permanent TSB bank have voted for limited industrial action after rejecting a Labour Court recommendation on pay.

The Labour Court had suggested a pay rise of 2.2 per cent for staff backdated to January 1st of this year, and a 4 per cent lump sum.

But the offer was turned down by members of the Unite union at the bank which is 75 per cent owned by the State.

Unite had sought a basic pay rise of between 10-12 per cent and the restoration of incremental salary increases.

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It is also understood to be unhappy with other elements of the proposal dealing with performance management and a career framework.

Staff represented by rival union Mandate had already agreed to the proposals. Unite is by far the largest union in the bank with close to 1,000 members.

The dispute centres around the company’s decision to introduce a new remuneration model and the elimination of incremental salary scales.

Permanent TSB paid the Labour Court increases to a majority of staff in September despite the Unite rejection of the package.

Unite regional co-ordinating officer Richie Browne said the vote was overwhelmingly in favour of limited industrial action, short of strike action.

“Our representatives will be meeting next week to decide the form of that industrial action, following which we will notify the company,” he said.

PTSB announced a return to profitability last July for the first time since 2007, with an after-tax surplus for the group of €80 million for the six months to the end of June.