Union hits out at Ulster Bank over pay freeze
Issued : 27 August 2009
Belfast Telegraph
Union bosses have condemned Ulster Bank's move to hit employees with a pay freeze and change its pension scheme. The Irish Bank Officials' Association (IBOA) said the pro- posals were unacceptable and had not been discussed nor agreed with the union. Larry Broderick, general secretary, claimed workers were again being scapegoated for the reckless lending policies of senior management in both Ulster Bank and its parent company, 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 pensions in the wake of the revelation that former chief executive Sir Fred Goodwin was awarded an annual pension of £700,000 despite bringing RBS to the brink of collapse," he said.
