20 January 2012 – Pay & bonuses

Accord’s Principal Executive Council (PEC) has been meeting in Bristol over the last 24 hours. The PEC considered the position on reward for 2012.

Although the proposals for the April 2012 pay review were published on 6 December 2011, and can be viewed by clicking here, there is now speculation about whether  bonuses for the 2011 financial year will be paid or not, given the performance of the Lloyds Banking Group, press speculation, government comment and the bonus announcement from the chief executive.

Accord has requested a meeting with UKFI so that it can make the case for bank employees who are not highly paid ‘fat cats’ to be paid the bonuses they have earned as part of their total reward package.

In addition, the PEC has decided to commission Electoral Reform Services to carry out a consultation exercise with members about pay and bonuses. This will support ongoing discussions between the union and the bank. The exercise will begin after bonus outcomes for the current year are known.

More information will follow.

Any comments or queries in the meantime can be referred to ged.nichols@AccordHQ.org