AIB to freeze workers’ pay and slash top brass salaries

AIB is planning to freeze employee salaries, cut executive pay, and slash its pension costs as part of a wide-reaching cost-cutting programme due to become effective before the end of this year.

The bank is proposing to cut the salaries of its top executives by 15% — a move already agreed to by management. This will include basic pay, and pay-related allowances and compensation.

Other executives will take a 10% wage cut, senior managers a 7.5% reduction, while employees are in line for a general pay freeze until the end of 2014, at least.