Union hits out at Ulster Bank over pay freeze
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 proposals 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.
“The bank's proposal to make no pay award to ordinary bank officials 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.”
Meanwhile, it has confirmed while its Defined Benefit Schemes will continue, it will close to new employees.
Ulster Bank later said all managers and those at senior management level have had a pay freeze enforced.
“For all other staff we are seeking no pay increase for 2009,” added a spokeswoman.