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4% flex consolidation and 5% GPS consolidation into your pay, meaning your annual salary will increase by 9% from 1st July
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8% market movement, which means that your position in range will move slightly higher
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Movement to the market ceiling and the maximum salary for role
HEADLINES
FURTHER DETAIL
9% consolidation into your pay
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Overnight pay rise of 4% of your salary for flex and 5% for GPS (both calculated at 30 June) = 9% - this will be higher than your current flex allowance but colleagues have told us that most of this will not be 'new money'
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GPS award now in line with A-C (previously recommended on target 5% dependent on group performance)
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"Same" bonus award overall (10% last year, 5% colsolidated and 5% GPS next year) would result in an extra £1,500 GPS due to the new higher salary for a Grade D at the current mid-point of Pay Group 3 (assuming GPS set at 5%)
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Pension contributions are based on salary so both yours and the bank's pension contributions will increase if on the Your Tomorrow scheme
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Ability to take higher salary into consideration for things like mortgages
Market zone ceiling increasing
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Previously the 'Market Zone' part of the pay range ran from 95% of the mid-point to 105%
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This will now run from 95% to 110% meaning that some people will drop down from 'Market Plus' into 'Market', increasing their chances of a higher pay rise if the bank use your position in the range as a qualifier for your pay rise (typically, the lower you are in the pay ranges, the higher the percentage pay rise you would receive).
Market plus zone ceiling increasing
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Previously the 'Market Plus Zone' part of the pay range ran from 105% of the mid-point to 130%
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This will now run from 110% to 135% meaning that some people will drop down from 'Above Max' into 'Market Plus', increasing their chances of a pay rise if the bank use your position in the range as a qualifier for your pay rise
