Update on TSB pay 2024
Further to our update on 4th March, I’m writing to update you on our talks with TSB.
In the discussions, TSB argued its case that:
- the improvements in pay since 2022 provided support for most staff through the period of heightened inflation
- the variable pay award (that was paid partly through the increase in Flex through 2023 for staff in grades B to D) reflected the bank’s performance in the year
- the pay offer from April 2024 is above the current rate of inflation and is intended to be a forward looking measure
It produced information on competitor pay deals, salary comparisons and data on how staff are recognised and rewarded for increasing responsibilities and contributions.
Overall, TSB is confident that salary increases for Grade B and C colleagues in particular have been at or above inflation over the last 3 years and that Total Reward at TSB represents a competitive package by comparison to peers. It said that it will continue to provide financial recognition beyond the annual pay cycle whenever material increased responsibilities have been undertaken.
As a result, the bank is not prepared to increase its current offer.
We are disappointed that TSB isn’t prepared to respond more positively to the views of its staff who responded to Accord’s survey.
However, we secured a new commitment to review the 2024 pay award again if inflation increases significantly again prior to the 2025 pay talks.
In all the circumstances, we didn’t think that TSB staff generally would appreciate the pay increases they’re expecting in April being delayed. So we’ve asked TSB to pay the increases it proposed from next month.
I know that this outcome will disappoint those members who feel that TSB should have done more but there is no more we can achieve by negotiation at this point. If a sufficiently high proportion of Accord’s members are not prepared to accept the position, we’ll consider what further steps we should ask members to take.
We look forward to hearing from you about the way forward from here.
Any comments and questions should be sent to [email protected]
