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10 July 2023

Reward in LBG 2023/24

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Reward in LBG 2023/24

The final parts of the 2023 pay agreement between Accord & Unite and Lloyds Banking Group are implemented this month; the consolidation of the Flex Allowance for all staff and part of the GPS opportunity for staff in grades D and above into base pay as well as the increases in the pay ranges from 1 July.

But we're thinking beyond the summer and asking LBG to start discussions with us on reward in view of the ongoing economic challenges that members are having to face into.

Although the headline rate of inflation has started to reduce, the cost of food and other goods continue to increase. Prices are also continuing to increase as companies look to pass on increases in their costs to maintain profit margins.

The Bank of England (BoE) has increased interest rates to a 15 year high to tackle inflation. Although this hasn’t yet impacted mortgage holders on long term fixed rate deals, it’s feeding through directly to newer fixed rates and variable rates and rents.

At the same time, the BoE’s actions are likely to have a positive influence on the profitability of UK banks.

The next pay review isn’t scheduled until April 2024. That seems a long time off with the prospect of a long winter of growing discontent with economic factors and real reductions in living standards before then.

Accord and Unite will be working together on broad aspects of the LBG wide claim. Of course, there are lots of issues affecting specific groups of members that are of concern and on which we’d like to make progress - for example:

Let us have your views 

Members have been asked to let us know what's important to them as we prepare for joint talks with LBG over the summer and we're in the process of assessing the feedback and responding to members. 

If you haven't yet shared your views, please send your input to [email protected] and put 'Pay 2024' in the subject line.

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