TSB publish details of negotiated pay offer
The TSB variable pay award payable in March 2023 has been announced and will be 11.8% for eligible staff which is great news.
Accord and Unite have been in discussions with TSB for some time about the April 2023 pay review and what that means for total reward proposition for staff going forward. To summarise:
- Some changes took effect in January which have already increased take home pay.
- These were in addition to the increased holiday allowances and extension of private medical benefit.
- There’s the second half of the cost-of-living payment to come for staff in grades B to D in February.
- The variable pay award of 11.8% of salaries will be paid to eligible staff in March.
- It’s then proposed that all eligible staff in grades B-F are awarded a 6.5% salary increase effective from 1st April 2023 (with a minimum increase of £1,500).
The combined impact on 2023 Total Reward (excluding the variable pay award in March 2023) is as follows:
Grade B
2023 Total Reward increase of 9.3% which includes:
- From 1 April 2023: 6.5% salary increase, with a minimum increase of £1,500
- From 1 January 2023:
- Increased holidays
- Private medical benefit
Also from 1 January 2023, 9% Flex allowance and 5% Variable Pay Award.
Grade C
2023 Total Reward increase of 7.9% which includes:
- From 1 April 2023: 6.5% salary increase
- From 1 January 2023:
- Increased holidays
- Private medical benefit
Also from 1 January 2023, 9% Flex allowance and 5% Variable Pay Award.
Grade D
2023 Total Reward increase of 6.6% which includes:
- From 1 April 2023: 6.5% salary increase
- From 1 January 2023:
- Increased holidays
Also from 1 January 2023, 9% Flex allowance and 5% Variable Pay Award.
Grade E & F
- From 1 April 2023: 6.5% salary increase
- A market review of individual salaries has been carried out and managers will provide details to individuals
Conclusion
The pay offer is a significant improvement on 2022 and reflects the increase in living costs. However, the 6.5% pay offer in isolation 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.
What next?
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 10th February. Any comments or queries should be sent to: [email protected]
