ICTU welcomes pay developments in the financial services industry

20 Jan 2017

The ICTU Northern Ireland Committee welcomed the recent pay deal secured by members of the Financial Services Union in both Ulster Bank and First Trust Bank as a significant development in the financial services industry in Northern Ireland. Ballots on both deal are currently underway.

Given the uncertainty generally in the industry arising from Brexit and forthcoming elections in Northern Ireland, the fact that the Union has secured pay increases and commitments to no compulsory redundancies is a significant development.

ICTU will support the Financial Services Union in its call generally for a broad discussion to take place by political parties and other stakeholders on the future of banking and financial services in Northern Ireland.

Owen Reidy, Assistant General Secretary of ICTU NI stated:

“At a time when workers are working harder than ever and making a major contribution to the continuing survival of companies and the health of the wider economy, the news that the Financial Services Union has secured pay increases for staff in Ulster Bank and First Trust Bank is very welcome. While there is still some uncertainty in the sector, these pay increases are entirely justified given the contribution made by staff in these companies which are coming back into profitability. The commitments around no compulsory redundancies are particularly welcome, in light of changes expected in the industry. ICTU encourages all workers in financial services to join unions which clearly have a role in delivering pay increases and managing change in the best interests of workers and indeed bank customers into the future.”