Staff at Allied Irish Banks have voted in favour of a new pay structure that will lead to pay increases of up to 15 per cent.
According to a statement today from the Irish Bank Officials Association (IBOA) a recommendation from the chairman of an independent tribunal, Kevin Foley, was accepted.
This will see 2.5 per cent increase in pensions for all staff, with salary grades for junior staff rising by up to 15 per cent. Pay rates for managerial grades rise by up to 7.5 per cent.
Under the terms of the restructuring, performance and productivity bonus payments will be increased by between 3.7 per cent to 7.3 per cent.
Larry Broderick, IBOA general secretary, said the new pay structure would benefit staff significantly and that staff would also benefit from any new national wage agreement.
He said: "IBOA . . . has sought the speedy implementation of the deal to the benefit of our members. IBOA will be meeting senior management in the coming days to discuss the implementation process."