AIB staff vote for 2.75% annual pay rise for 2017 and 2018

No compulsory redundancies until 2019 and bank to bear pension management fees

AIB: The deal with the bank’s FSU employees includes an average 2.75 per cent pay increase both this year and next. Photograph: Bryan O’Brien

Members of the Financial Services Union in AIB have voted to accept an average 2.75 per cent pay increase that will apply in both 2017 and 2018.

The pay rise was part of a set of proposals put forward recently following talks at the Workplace Relations Commission. AIB accepted the recommendations when they were issued in January.

The deal includes an average 2.75 per cent pay increase for staff both this year and next. The increases are due to take effect on April 1st in both years.

Other elements include an agreement that there would be no compulsory redundancies until 2019 and a commitment from AIB to bear pension management fees over the duration of the pay deal.

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The FSU has agreed to ongoing co-operation with the bank’s change and restructuring plans. The bank has committed to full consultation and engagement on matters arising from its restructuring proposals.

Commenting on the outcome of its ballot, Billy Barrett, a senior industrial relations officer at AIB, said: "The Financial Services Union recommended acceptance of these proposals, which were reached after long negotiations. Over the last number of weeks, members in AIB have taken a very active role in examining and discussing the proposals and have now voted in favour.

“The proposals provide certainty on pay in 2017 and 2018. This is important for members, and it will also allow the union to engage with the employer on a range of other issue of importance to members in the coming months.”

The FSU's general secretary, Larry Broderick, said the proposals would provide certainty to members about job security for the next three years.

“This is important as AIB Group continues with its restructuring plan and the Government prepares for a sale of part of the State’s shareholding in the coming months,” he said.

Ciarán Hancock

Ciarán Hancock

Ciarán Hancock is Business Editor of The Irish Times