IBOA urges members to reject pay deal

Members of the Irish Bank Officials' Association (IBOA) have been urged to reject proposals contained in the new national wage agreement.

IBOA General secretary Larry Broderick said their executive committee had voted unanimously against the deal.

Mr Broderick said private sector productivity had risen hugely, but workers were not getting the financial rewards they deserved, saying it was "nonsensical" that there was no local bargaining clause.

He said the proposals "fall far short of what our members expect, particularly in light of the record profitability of Irish banks".

The second phase of Sustaining Progress would give workers an increase of 5.5% over the next 18 months, with 0.5% extra for low paid workers.

The payment will be phased with 1.5% for the first six months, 1.5% for the second six months and 2.5% in the final six months.