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

  • CAPPED AT £5000 EXCL. BRING TO MINIMUM

  • 4% FLEX CONSOLIDATED INTO SALARY

  • 4% MARKET MOVEMENT

  • RANGE MINIMA INCREASED TO 90%

  • ABOVE MAX COLLEAGUES: £2000 NON-CONSOLIDATED AWARD

  • 10% GPS CONSOLIDATION INTO SALARY

HEADLINES

THE TOTAL PACKAGE

 

  • Looking at the pay rise this gives an average pay deal of 6.3% for Grade E workers.

  • This will further increase once the 4% flex and 10% GPS is consolidated in July.

£2000 OR 5% PAY RISE

  • This element of the offer gives an average pay rise of 6.3%.

  • This element of the pay offer is capped at £5000 unless bringing you to the minimum salary is more than that.

4% 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.

FURTHER DETAIL

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. 

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.

10% GPS CONSOLIDATION

  • 10% of GPS will be consolidated into base pay.

  • This will bring forward colleague cash flow.

  • In future bonus opportunity will be reduced by 10% in line with the level of consolidation.

  • GPS payments will be aligned to the current scheme in place for grades A-C, so they’ll be considered at a single fixed % rate. The opportunity for people making an outstanding contribution to have their award increased will remain.

  • Please note your GPS range for 2022 (paid in 2023) is unaffected.

INCREASING RANGE MINIMA TO 90%

  • Every pay range has a midpoint, a maxima and a minima.

  • The minima (lowest salary for the role) used to be 80% of the mid-point. Now it is 90%.

  • If your pay rise means you will still be below 90% then you will receive a further salary uplift to meet the 90% minima.

  • This approach brings the salary minima in line with Grades A to C.

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