We have tried to simplify the proposals in terms of the below summary. However, the various elements add a complexity to highlighting what it means. That is why we encourage you to read the dedicated page for each grade to see in more detail what this overall proposal means for you.
To recap, some of your non-consolidated reward will become consolidated from the 1st July. This has been a Unite ask for a number of years and we are happy that colleagues are going to be able to take advantage of this.
All grades will see their flex cash allowance consolidated into their salary, which means this will count towards your GPS calculation, your pensionable pay (for those on a DC pension scheme) and towards financial products like mortgage applications.
Grades D-G will then also have part of their GPS consolidated into their core salary. This means that effectively you will see most of your GPS that you may have expected in March-June 2024 in monthly instalments between July 2023-June 2024. This guarantees that part of your GPS and leaves less to uncertainty. Grades D and E will fall into the same GPS approach from 2024 as Grades A-C have been on since the introduction of Your Best.
Unite campaigned and demanded the bank do right by colleagues on the back of the unprecedented pay deal that we all secured together and increase the pay range mid-points by the amount of consolidation for each grade. Your mid-point decides where you are within the pay range (market primary/market/market plus/above max) and this can lead to decisions in your annual pay, promotion pay rises and lateral move pay rises. As a result, we have secured movement to all mid-points, and also some extra movement which will lower the amount of colleagues not receiving pay rises. See below for an example pay group and where the ranges may sit .
Pay ranges are how the bank determine that they are paying the right rate for a job. The bank decide a rate that is reasonable and this is then the mid-point for the role. This is classed as the '100%' part of the range. Between 95% and 105% of the mid-point is the 'market' range for Grades A to E, and each range will have a minimum (spanning from 80% to 90% of the mid-point currently, depending on your Grade) and a maximum (spanning from 130% to 150% of the mid-point currently, depending on your Grade).
The mid-point movements are subject to annual acceptance by union members and traditionally move at a pace similar to the annual pay rise. This ensures that colleagues don't move 'too quickly' through the pay zones and are able to receive a decent pay rise each year. In previous years, your pay rise has been based on your position in the market range. This means that the lower in the range you are, the more you got in terms of a pay rise. Unite have always opposed this way of awarding pay rises as it pits workers against each other.
What we call 'Market Movement' is just the term for what is added to the mid-point, causing a domino effect and increasng the other parts of the range. For example, a zone at Grade A-C with a mid-point of £27,000 will have a Market Primary range of £24,300-£25,649, a Market range of £25,650-£28,349, a Market Plus range of £28,350-£32,349, and anything from £32,350 and over is classed as Above the Maximum.
£27,000
£25,650
£24,300
£28,350
£32,349
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If you have any queries, are struggling to understand the changes or want to provide further feedback please complete our contact form or email LBG.Support@unitetheunion.org
