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£2000 PAY RISE OR 5% (WHICHEVER IS GREATER)
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£500 EX-GRATIA PAYMENT
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4% FLEX CONSOLIDATED INTO SALARY
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6% MARKET MOVEMENT
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MINIMUM SALARY £21,200 (£22,000 INCL. FLEX)
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ABOVE MAX COLLEAGUES: £2000 NON-CONSOLIDATED AWARD
HEADLINES
THE TOTAL PACKAGE
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Looking at the cash elements of the offer, combined this gives an average pay deal of 8.7% for Grade C workers.
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This will further increase once the 4% flex is consolidated in July.
£2000 OR 5% PAY RISE
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This element of the offer gives an average pay rise of 6.9%.
£500 EX-GRATIA PAYMENT
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This is a non-consolidated cash award
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Only available for permanent staff.
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Subject to ballot outcome as per LBG intranet communications.
PART-TIME STAFF
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The pay rise and ex-gratia payment will both be on a pro-rata basis.
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The consolidation of flex will still equate to 4% of your pro-rata salary.
FORMAL PIP OR DISCIPLINARY
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Colleagues on a formal performance improvement plan of under disciplinary sanction may not be eligible.
6% MARKET MOVEMENT
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This will increase the pay ranges to allow more pay progression opportunity in the future.
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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
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You will receive a £2000 non-consolidated cash payment.
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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
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This will be done in July and will be based on the new salary.
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Normally this wouldn't be done until October and applied much later so this represents an early cash boost for colleagues.
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Consolidation also means increased pension contributions on the Defined Contribution pension scheme.
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It can also be used as income when applying for credit.
NEW MINIMUM SALARY
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The new minimum including flex equates to £22,000.
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This gives an hourly rate of £12.08
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This is significantly higher than the National Living Wage.