Ulster Bank staff outraged over pay freeze
Issued : 27 August 2009
Union bosses have condemned Ulster Bank's move to hit employ- ees with a pay freeze and change its pension scheme. The Irish Bank Officials' Association (IBOA) said the proposals were unacceptable and had not been discussed nor agreed with the union. Larry Broderick, general sec- retary, claimed workers were again being scapegoated for the reckless lending policies of senior management in both Ul- ster Bank and its parent compa-ny, Royal Bank of Scotland.
"Our members in Ulster Bank are outraged to hear that senior management is proposing a major assault on the value of their pen-sions in the wake of the revelation that former chief executive, Fred Goodwin, was awarded an annu-al pension of £700,000 despite bringing BBS to the brink of col-lapse," he said. "lie bank's proposal to make no pay award to ordinary bank of-ficials for 2009 is similarly unacceptable - not least because no later than Monday of this week, management advised us that they were committed to entering a conciliation process on pay at the start of September."
