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Read our Pay Claim and in-depth analysis booklet for Pay 2024!

Pay Ballot is open from 9th October to 27th October midday!

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The Pay Offer for 2024 & 2025

FINAL - Pay Offer 2024 Video
FINAL - Pay Offer 2024 Video

FINAL - Pay Offer 2024 Video

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Cost of Living Update 3

Cost of Living Update 3

02:21
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Cost of Living Update 1

Cost of Living Update 1

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Cost of Living Update 2

Cost of Living Update 2

02:12
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This is a unique offer marking the first 2-year pay deal we have seen from Lloyds Banking Group. Your Unite negotiators pushed the bank hard and combined with your collective power, were able to reach a final offer we feel provides significant value and pay certainty for the next 2 years, enabling colleagues to effectively plan their finances across a longer period.

Unite have reviewed the offer and given that analysts expect economic conditions to improve steadily in 2024 and 2025, it means the combined 2-year deal is a significant investment in pay and could present good value if predictions are accurate. Ultimately it will be down to members whether we collectively accept the 2024 & 2025 pay offer.

Unite recommend members accept the 2024 & 2025 pay offer.

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What workers are saying...

  • Why has Unite remained neutral on the pay award / not recommend reject?
    Although the bank has not met our demands of a pay offer that is two percent above inflation based on the RPI we recognized they have moved quite considerably from their initial offer due to union pressure in the give and take process of negotiations. As there are both positives and negatives to the final offer Unite feels it is unable to recommend a position and as part of the democratic process believes rightly the final decision should be left up to the membership to vote as they see fit.
  • Why is Unite waiting until February to ballot members?
    When Lloyds announced there would be no bonus, and upon seeing all other UK banks deciding to pay one, we received a lot of feedback to say that people would have voted differently on that year's pay ballot because of it. This year we felt members would appreciate the complete picture on what their reward package for the year will look like before using their vote.
  • If I vote No, does that mean I won’t get a pay rise?"
    If the result of the whole ballot is to reject, then the pay rise will be put on hold. Unite will tell the bank the members reject the offer, and we will look to see what further negotiations can achieve. Any further discussions would be on the basis that whatever the outcome is, any pay rise would be backdated.
  • What does the market movement mean?
    It means the pay range will be increased by the relevant percentage before the pay rise is applied. Some people will move to a lower pay range because of it and get a higher pay rise as a result.
  • What was the bank’s original offer?
    The bank has subjected both unions to an embargo preventing disclosure of any of the specifics as to how negotiations have progressed. All we can say is that the first offer was a LOT lower than what we ended up with but that shouldn’t matter. What matters is whether you think the current offer is good enough.
  • Will a reject outcome really make a difference?
    It will show the bank a real signal that their workers aren’t as happy as they would maybe think and would be encouragement for them to negotiate further with the unions.
  • What if the bank doesn’t want to negotiate further?
    Unite will look to see what action members would be willing to take
  • What would further action look like?
    It could be a range of things. Negative publicity, demonstrations and even strike action. That said I think all parties would rather a mutual and respectful agreement to be struck.
  • What is the difference between CPI and RPI?
    They are just different ways of measuring inflation. The major difference is RPI includes housing costs such as council tax and mortgage interest payments etc. However, CPI does not include such housing costs. Unite base their pay claim on RPI because it believes when looking at the rise in the cost-of-living housing costs are an important factor to consider in living standards.
  • What is inflation?
    Inflation is the rate at which prices are rising - if the cost of a £1 jar of jam rises by 5p, then jam inflation is 5%. Hundreds of goods and services (known as a basket of goods) are compared each month. Some goods and services may go up in price while others go down and this is averaged out to give the inflation figure for a particular month. So for example the current inflation figure of 5.1% for December 2021 means that overall prices have risen by 5.1% compared to December 2020.
  • How does inflation affect me?
    If your pay is rising by less than inflation, you will see a fall in the "real" value of your wages, because what you're earning will buy less. We're all affected by rising prices, but if you're on a low income or don't have savings to fall back on, you're likely to feel the impact more keenly.
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