Pay proposals for 2024 & 2025 published following negotiations with Accord and Unite.
On 26 July, Accord members were sent details of the pay claim that Accord & Unite made jointly to Lloyds Banking Group for 2024.
Negotiations have taken place and the conclusion is a two-year offer for 2024 and 2025 supported by an interim payment in December 2023 if the proposals are agreed by union members. Full details are below.
Accord’s Principal Executive Council recommends that members vote YES to the offer in a ballot that will open next week under independent supervision by Civica Election Services.
Watch a short video message from Accord’s Ged Nichols:
Full details of the offer have been published today. The headlines are:
- A minimum pay rise for a full-time member of staff at Grades A-E of £1,500 (pro-rated for part-time staff) effective from 1 April 2024
- For staff up to and including grade E, 4% will be paid where 4% is more than £1,500
- For staff in grades F & G, a budget of 3.5% will be distributed by managerial discretion
- There’ll be no pay matrix so staff with salaries above their grade mid-points will not be disadvantaged
- For staff above their pay range maxima, the awards will be paid as lump sums and not consolidated into salaries
- The minimum salary from 1 April 2024 will be increased to £23,500
- An additional £500 payment is on offer for staff in grades A – D (pro-rated for part-time staff) which will be awarded in December 2023 if these proposals are accepted
- The same awards will be applied with effect from 1 April 2025 (but not the £500 December payment)
- The minimum salary from 1 April 2025 will be £25,000
- Pay ranges 2024 – the range mid-points will be increased as follows: Grade A 6.5%, Grade B & C 5%, other Grades 2%
In 2023, the pay award and additional £500 payment taken together amounted to around a 13% increase for the lowest paid staff in Lloyds Banking Group. A cost-of-living payment of £1,000 was made in August 2022 to supplement the 2022 pay award.
So, we now have a forward-looking offer with the joint discussions focussed on the financial challenges members will face, and the economic and business factors, through to 2026.
The proposals (including the £500 payment in December 2023) would increase average salaries for staff in Grade A by a further 14% by April 2025.
The minimum salary in LBG will have been increased by more than a third between March 2021 and April 2025 through successive agreements with the unions.
We think the business has responded positively to our pay claim and recommend acceptance of the offer.
Voting credentials will be issued to Accord members by email on Monday 9 October.
Any queries should be referred to [email protected].