1 December 2011 – Job Security Agreement extended

Accord is pleased to announce that following extensive discussions, an agreement has been reached between Accord, Unite and the Lloyds Banking Group to extend the main terms of the HBOS Security of Employment Agreement (B324) until the end of 2013.

The current Agreement was due to expire on 31 May 2012 and, although there are some minor changes to pension options, the main compensation terms in the event of redundancy remain in place.

Accord’s general secretary Ged Nichols said: “Things are very tough at the moment. The bank has said that it plans to reduce the workforce further through its Strategic Review, so today’s news gives more certainty to those Accord members who are worried about their futures. We will continue to work with the bank to reduce the impact of job losses and will remain opposed to compulsory redundancies.”

The union is very disappointed that the bank plans to reduce the redundancy terms available to new recruits from 1 January 2012. Continues Ged: “We think this move creates another tier to the workforce where employment terms are inferior to existing staff. We plan to campaign at every opportunity for better terms for all new staff.”

Any queries should be referred to ged.nichols@AccordHQ.org