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01 February 2024

TSB variable pay award &
2024 salary review

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TSB pay review & variable pay award 2024

The TSB variable pay award payable in March 2024 has been announced. It will be 5.6% of salary for all eligible staff in grades B-D and 11.2% of salary for eligible staff in grades E and F.

This is good news reflecting TSB’s strong performance in 2023 and that for staff in grades B-D, 5% of the variable pay award has already been paid through Flex since January 2023.

Pay review 2024

Whilst the variable pay award looks backwards and provides a share in TSB’s success in the last financial year, the 2024 pay review looks forward from April 2024.

Accord and Unite have been in discussions with TSB for some time about the pay review.

The bank has offered increases of 4% to staff in grades B-E and 3.25% to those in grade F effective from 1st April.

Our view is that whilst the pay offer matches the current CPI rate of inflation and inflation is expected to fall further in 2024, it doesn’t adequately reflect or compensate for the increased cost-of-living staff have experienced since the last pay deal.

The offer is less than the unions would be prepared to recommend to members. It falls short of the offers made by some other financial institutions for 2024 and we’re disappointed that TSB wasn’t prepared to offer more in the talks that have taken place. So, no agreement has been reached at this point.

We want your input

To decide how we go forward, we need your answers to the following questions:

  1. Overall, do you think the total reward offer from TSB is acceptable this year given the business context?
  2. Do you think that TSB must go further to make a pay offer you would be prepared to accept?
  3. If the current offer isn’t good enough, what do you think would be?

We look forward to hearing from you. Please reply by Friday 9th February if possible.

Any comments or queries should be sent to: [email protected]

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