Bank of Ireland and AIB confirm cost of living payments for staff

BANK of Ireland and AIB have confirmed new one-time cost-of-living support payments for staff.

The Financial Services Union (FSU) announced an agreement on new wage agreements on Monday.

He said Bank of Ireland would pay all UK staff on bands 1-5 £1,250.

Although Republic staff will receive a €1,000 tax relief voucher, the union said UK staff will receive support through payroll.

The FSU said AIB had also confirmed that all staff in Groups 1-5 would receive a tax-free ‘appreciation award’ worth €1,000/£1,000, which can be spent with a list of participating retailers.

The deal follows Danske Bank’s announcement of a £1,000 payout to staff in September.

Welcoming the payments, FSU General Secretary John O’Connell urged other employers to follow suit.

“Today’s agreement between Bank of Ireland and AIB will help alleviate the real problems workers face in paying their day-to-day bills,” he said.

Caitleen Desetti, FSU industrial relations organizer, said the deal with Bank of Ireland followed three months of talks.

“We welcome the Bank’s announcement and call on all other banks and employers in the financial sector to do the same,” she said.

Another FSU industrial relations organizer, Billy Barrett, said the AIB deal followed “weeks of intense discussions.”

He added: “This is good news for staff who are struggling financially to cope with the rising cost of living.”

Bank of Ireland and AIB have significantly reduced their physical operations in Northern Ireland since last year. AIB reduced its branch network in the north from 15 to seven, while Bank of Ireland closed 15 branches, leaving it with 13 outlets.

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