BoI and union welcome cuts deal

BANK OF IRELAND has struck a deal with its main union over plans to cut 2,100 people from its payroll.

The deal will mean no compulsory job losses, lump sum payments of up to eight weeks’ pay per year worked for those who depart and a doubling of the annual free share issue for staff. Other features include a commitment from the bank to bring in a maximum 35-hour working week for all staff and a formal agreement to consult with the union on issues affecting staff in the future.

The bank and the Irish Bank Officials’ Association (IBOA) said yesterday they were happy with the proposals, which were brokered through Labour Relations Commission (LRC) chief executive Kieran Mulvey.