top of page
Grade A_edited.jpg

  • £2000 PAY RISE OR 5% (WHICHEVER IS GREATER)

  • £500 EX-GRATIA PAYMENT

  • 4% FLEX CONSOLIDATED INTO SALARY

  • 10% MARKET MOVEMENT

  • MINIMUM SALARY £21,200 (£22,000 INCL. FLEX)

  • ABOVE MAX COLLEAGUES: £2000 NON-CONSOLIDATED AWARD

HEADLINES

FURTHER DETAIL

THE TOTAL PACKAGE

 

  • Looking at the cash elements of the offer, the combined £2,500 gives an average pay deal of 11.7% for Grade A workers.

  • This will further increase once the 4% flex is consolidated in July.

£2000 OR 5% PAY RISE

  • This element of the offer gives an average pay rise of 9.4%.

£500 EX-GRATIA PAYMENT

  • This is a non-consolidated cash payment.

  • Only available for permanent staff.

  • Subject to ballot outcome as per LBG intranet communications.

PART-TIME STAFF

  • The pay rise and ex-gratia payment will both be on a pro-rata basis.

  • The consolidation of flex will still equate to 4% of your pro-rata salary.

FORMAL PIP OR DISCIPLINARY

  • Colleagues on a formal performance improvement plan of under disciplinary sanction may not be eligible. 

10% MARKET MOVEMENT

  • This will increase the pay ranges to allow more pay progression opportunity in the future.

  • If the bank return to a matrix-based pay approach, this market movement could bring you lower in your pay range meaning a potentially larger pay rise in future if based on a matrix.

ABOVE MAX COLLEAGUES

  • You will receive a £2000 non-consolidated cash payment.

  • If you are below max, but your pay rise will take you above then you will receive a partial consolidation up to the maximum salary and a further non-consolidated amount of up to £2000.

4% FLEX CONSOLIDATION

  • This will be done in July and will be based on the new salary.

  • Normally this wouldn't be done until October and applied much later so this represents an early cash boost for colleagues.

  • Consolidation also means increased pension contributions on the Defined Contribution pension scheme.

  • It can also be used as income when applying for credit.

NEW MINIMUM SALARY

  • The new minimum including flex equates to £22,000.

  • This gives an hourly rate of £12.08

  • This is significantly higher than the National Living Wage.

bottom of page