Pay proposals for April 2022 published following negotiations with Accord and Unite.
Lloyds Banking Group has published its pay proposals for April 2022 following negotiations with Accord and Unite.
No agreement has been reached at this stage.
The main points of the offer, which was reached after intensive joint discussions (which resulted in the Group’s offer being considerably improved) are as follows:
- Everyone at grade A-G will receive a pay rise of up to 4% (two-thirds will receive 3% or more
- Those with personal salaries above the maximum for their pay range will receive a 1% increase
- There will be a minimum pay award of £1000
£500 for staff in grades A, B & C
[Editor note: 24/02/2022 – this was announced alongside LBG's financial results and GPS outcome for 2021 following consultation with Accord & Unite] - The minimum salary will rise to £10.60 per hour. With Flex included, this equates to a £20,000 minimum starting rate for new joiners
- The Grade A pay range will increase by 5%, the Grade B pay range will increase by 3% and other ranges by 1%
Staff in specialist pay schemes and those in the Human Resources and Audit job families will have their awards determined by their local teams based on the same overall budget.
How the proposals apply to you
You can check which % award will apply to you, using our pay increase calculator. You’ll need your current salary (or full-time equivalent), your grade and your pay range number. Read instructions on how to find your pay range number on Workday here.
The Group’s offer did not meet the joint unions’ claim which was submitted at the start of September but, nevertheless, it is the highest offer made by the Group since it was formed in 2009. The details of our claim are here.
Watch a short video message on pay and reward in LBG for 2022 from Accord's General Secretary, Ged Nichols:
What's next?
In a message to members, Accord's Ged Nichols said:
"Colleagues have well and truly ‘gone above and beyond’ to support the Group and its customers and contributed to the Group’s profitability throughout the pandemic. It is only right that they share in that success fairly and equitably, and that they receive pay increases and GPS Awards that will see them through the current economic turbulence.
With this in mind, we plan to ask all Accord members if the proposals are acceptable in a ballot in late February.
By that time, we’ll know the Group’s profits for 2021, the details of any Group Performance Share award, what has actually happened to inflation and what pay settlements are looking like in the rest of the finance sector and in the economy more generally.
This may seem like a long way off but we’re coming to the end of another very difficult year. We hope the work we’ve done with LBG throughout the year to maintain safety at work, jobs and incomes has helped you and your loved ones get through the year as the pandemic has continued."
Any comments or queries should be sent to: [email protected]
