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£2000 PAY RISE OR 5% (WHICHEVER IS GREATER)
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CAPPED AT £5000 EXCL. BRING TO MINIMUM
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4% FLEX CONSOLIDATED INTO SALARY
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4% MARKET MOVEMENT
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RANGE MINIMA INCREASED TO 90%
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ABOVE MAX COLLEAGUES: £2000 NON-CONSOLIDATED AWARD
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10% GPS CONSOLIDATION INTO SALARY
HEADLINES
THE TOTAL PACKAGE
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Looking at the pay rise this gives an average pay deal of 6.3% for Grade E workers.
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This will further increase once the 4% flex and 10% GPS is consolidated in July.
£2000 OR 5% PAY RISE
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This element of the offer gives an average pay rise of 6.3%.
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This element of the pay offer is capped at £5000 unless bringing you to the minimum salary is more than that.
4% 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.
FURTHER DETAIL
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.
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.
10% GPS CONSOLIDATION
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10% of GPS will be consolidated into base pay.
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This will bring forward colleague cash flow.
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In future bonus opportunity will be reduced by 10% in line with the level of consolidation.
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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.
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Please note your GPS range for 2022 (paid in 2023) is unaffected.
INCREASING RANGE MINIMA TO 90%
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Every pay range has a midpoint, a maxima and a minima.
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The minima (lowest salary for the role) used to be 80% of the mid-point. Now it is 90%.
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If your pay rise means you will still be below 90% then you will receive a further salary uplift to meet the 90% minima.
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This approach brings the salary minima in line with Grades A to C.