Lloyds Banking Group improves pay offer after union pressure

Despite the previous offer being badged as the final one, Unite have continued to project the reality our members are facing into as the economic crisis looms over us all. Members and colleagues have been shouting loud and clear to us, and the bank, that the previous offer just didn’t go far enough to support them.

In recognition of this the bank have decided to make an improved pay offer reflecting the exceptional times we are living in, citing interest rate rises and inflation, noting that whilst the current level of inflation is anticipated to be short term, the price rises that come with it won’t be, therefore additional support for lower paid staff is the right decision for the bank to take.

Unite View

Unite fully appreciates this positive development as a meaningful improvement to the pay offer. Rather than resting on their ’best offer in 10 years’, executive leadership have taken action to give additional support to those who will bear the disproportionate brunt of inflation on their cost of living. Although the offer does not fully address the anticipated negative effects of inflation, it will make a significant difference to a large proportion of staff, in some instances effectively doubling their projected pay rise. Another big positive of this is that for staff above max, after continuously suffering little to no pay rise year-on-year, and inflation eroding their spending power, they will see a pay rise of unusual proportions.

The Ballot and Next Steps

The Unite Pay ballot will open on 28th of February and will close on the 18th of March. It is imperative that you play an active part in your union and use your vote. If you don’t then you are resigning yourself to the decision of others.

Once the ballot outcome is known, if it is accept then pay rises will proceed from 1st of April. If it is a reject then pay rises will likely be put on hold whilst we are in dispute. When a resolution is found pay rises will be backdated.

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