TSB publish negotiated pay offer
Today TSB has published details of its variable pay award and the proposed April 2022 salary review following negotiations with Accord and Unite. No agreement has been reached at this stage.
The main points of the offer are as follows:
- The TSB Variable Pay Award payable in March 2022 will be 10.2% for eligible staff.
- An overall salary increase budget of 4%.
- For all staff in grades B to F: Salaries for all eligible colleagues will be increased by a minimum of £500 (pro-rated in line with individuals contracted working hours). Those with salaries near to or above the maximum of their salary band, there’ll be an award of 2.5%.
- For staff in grade B: The minimum salary for grade B is to be increased to £21,000 (£11.54 per hour). The current grade B pay progression scheme will be removed at the same time.
- Grades C to E salary bands: The salary bands for grades C - E have been reviewed. As a result, the grade C salary band will increase by 10% and the grades D - E salary bands by 5%.
In a message to members, Accord's Ged Nichols said:
"Overall, the pay offer is a significant improvement on 2021 and reflects that living costs have increased. However, the budget is below the current rate of inflation and not as much as we would have liked. That said, in terms of total reward, TSB staff will fare better than most employees in the UK as the squeeze on living standards continues.
We believe that the pay talks between Accord & Unite and TSB achieved everything that could be achieved by negotiation. However, no agreement has been reached at this stage."
Accord is an open and democratic union; we will do what members want us to do.
Please let us know what you think by the close of business on Friday, 11th February if possible. Any comments or queries should be sent to: [email protected]