UNITE 2024 PAY CLAIM & LBG HALF YEAR RESULTS
PAY SURVEY RESULTS
Thank you to everyone who took the time to complete our pay survey in June and July. We will publish more detailed results in our August pay booklet, but the overarching sentiment has allowed us to work with Accord and submit our pay claim for the 2024 round of talks.
Unite have been pushing for urgent support to be put in place to help LBG workers due to increasing cost of living pressures. Unite recently called for an additional cost of living award to be prioritised before the official round of pay talks to address the current economic climate which is a key element of our pay claim.
Read the full newsletter here, or keep reading for accessible version:
THE UNITE 2024 PAY CLAIM
An interim ‘across the board’ pay award to be effective from October 2023
The budget for the April 2024 Pay Review to be higher than the RPI figure for October 2023
Pay awards in April 2024 to be distributed as a fixed percentage and not differentiated by grade or position in pay ranges
All pay ranges to be increased by the agreed pay budget % with effect from April 2024
Voice of members!
'With cost of living increasing and my mortgage increasing I am much worse off than I was last year.'
'LBG Exec need to recognise the ever increasing financial pressures which colleagues face on a daily basis.'
'I'm worried about how i'm going to manage with the large increase in my outgoings which are already stretched.'
'I have seen my payments increase 13 or 14 times in the last 2 years which has been really difficult to manage.'
LBG HAVE YET TO RESPOND TO uNITE'S COST OF LIVING ASK!
HALF YEAR RESULTS - UNITE VIEW
Unite are thrilled that our members' contributions have led to near-record LBG half-year results and are on track to make record profits. It would be wrong to not point out though that over £700+ million of this profit has come from decisions to raise the Bank of England base rate. Unite's forensic accountants will be taking a closer look at the bank's financials before we enter pay negotiations in September.
Half year profits - £2,900,000,000
"LBG profits are up 17% on last years half year results, with statutory profit standing at £2,900,000,000! Unite estimate that £700+ million of this profit is ‘unearned’ as it’s the direct result of continual Bank of England interest rate increases that impact everyone’s mortgages, loans and credit card repayments.
The bank are benefiting massively as a result of these interest hikes, while workers continue to suffer the effects of the economic crisis. Unite has been clear with LBG leadership since last years pay round that LBG workers should not suffer as a result of the continuing cost of living pressures.
I recently called on the Group to implement an additional cost of living payment for all LBG workers ahead of 2024 pay talks! In light of these results and the ‘unearned’ profits, there is no reason why this cannot be done and I reiterate this request again today. LBG implement a cost of living payment before formal pay talks and do right by your workers."
I recently called on the Group to implement an additional cost of living payment for all LBG workers ahead of 2024 pay talks! In light of these results and the ‘unearned’ profits, there is no reason why this cannot be done and I reiterate this request again today. LBG implement a cost of living payment before formal pay talks and do right by your workers."
Caren evans unite national officer finance & legal
GET INVOLVED!
Our pay claims will only be realised if YOU get involved and WE campaign for them. 2022 was a pivotal year for us all, the example was set for what we can accomplish when we come together and demand a fairer deal. There’s a lot of work ahead of us as we chart our course for better - but foundations to build from have been laid and with your involvement and support we will continue to win for LBG workers!
Share this newsletter with a fellow LBG worker
Change your Yammer/Viva Engage profile picture to the campaign logo which you can download via the Unite in LBG website or the link below
Subscribe to Unite in LBG news via www.uniteinlbg.org/news