Lloyds Banking Group has published its pay proposals for April 2021 following negotiations with Accord and Unite.
No agreement has been reached at this stage.
The main points of the offer, which was reached after extensive joint discussions, are:
- A pay budget of 1.2% for staff in grades A to G
- A pay matrix will apply for Pay 2021 awards based upon the position of individuals in their pay ranges (for most staff – see tables below)
- A minimum pay award of £400 will be applied for staff in grades A to E
- The pay range minimum for grades F and G will increase to 80% from 1st April 2021
- There will be no increase in pay ranges in 2021
- LBG is a Living Wage employer. All permanent colleagues are already paid above the Living Wage and from 1 April 2021 the new minimum salary will be £18,385. A rate of £10.10 per hour
- In unrelated news, LBG has confirmed that the Group Executive Committee and Board have reached a decision that there will be no Group Performance Share paid for the current financial year. This decision will disappoint many members but it is important to emphasise that the GPS is not negotiated with the unions and it is separate and distinct from the pay negotiations.
If agreed by Accord members, the pay proposals will deliver increases of 1% or more for approximately 80% of the Group’s staff.
Accord members will have the chance to have their say in an independent and confidential ballot. Details of how to take part will be announced in the New Year.
Any comments or queries should be sent to: [email protected]
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