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  • 4% flex consolidation and 10% GPS consolidation into your pay, meaning your annual salary will increase by 14% from 1st July

  • 7% market movement, which means that your position in range will move fairly higher

  • Movement to the starting salary and the maximum salary for role

HEADLINES

FURTHER DETAIL

14% consolidation into your pay

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  • Overnight pay rise of 4% of your salary for flex  and 10% for GPS (both calculated at 30 June) = 14% - this will be higher than your current flex allowance but colleagues have told us that most of this will not be 'new money'

  • Reduced GPS potential to make up for the 10% guaranteed due to the consolidation

  • "Same" bonus award overall (25% last year, 10% colsolidated and 10% GPS next year) would result in an extra £6,700 GPS due to the new higher salary for a Grade G at the current mid-point of Pay Group 3

  • Pension contributions are based on salary so both yours and the bank's pension contributions will increase if on the Your Tomorrow scheme

  • Ability to take higher salary into consideration for things like mortgages

Minimum salary increasing

  • Previously the pay range started from 80% of the mid-point

  • This will now start at 85%. This could see overnight pay increases for the lowest earning at Grade G and provide a potential higher starting salary for colleagues promoted

Market plus zone ceiling increasing

  • Previously the ceiling of the pay range was 150% of the mid-point

  • This will now be from 155% meaning that some people will drop down from 'Above Max' into the pay range, increasing their chances of a pay rise if the bank use your position in the range as a qualifier for your pay rise

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ACTIONS

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