UNITE: Any cuts to bank salaries must happen at senior level

UNITE: Any cuts to bank salaries must happen at senior level

The UNITE trade union, which represents 10,000 workers in the financial sector, has said if bank salaries are to be cut, it must be at management level.

It follows the publication yesterday of the Mercer Report, which found that average salaries in Irish banks have increased since 2008.

The Finance Minister Michael Noonan has ordered the bailed out banks cut their pay bills by between 6% and 10%.

Minister Noonan is leaving it up to bank management whether they cut their pay bills through wage reductions, changes to pensions, or job cuts.

UNITE claims management had an input into the final report, which suggests that executives' pay should not be cut, and that lower paid workers should bear the brunt.

Regional officer with UNITE Colm Quinlan said that if savings were to be made, they should be made at management level, becase "(some) people who contributed to this (economic) problem are getting €10,000 a week, every week".

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