Finance union eyes 10% increase

FINANCE union IBOA has said it is to demand a 10% pay increase over a two-year period from the national pay talks.

Speaking following the union’s executive committee meeting yesterday, general secretary Larry Broderick said his members would also be demanding:

* A value-added clause to address change, productivity and modernisation in the private and public sector for workers.

* A legislative framework to provide trade unions with collective bargaining rights.

* A new procedure based on independent assessment, preventing employers unilaterally closing defined benefit pension schemes.

“On the pay front, our members were barely compensated for inflation over the past 27 months and witnessed substantial economic growth, increased profitability in our industry and senior management awarding themselves pay increases and bonuses in excess of the national pay terms,” said Mr Broderick.

“It is only reasonable that members should receive a double digit increase over the next two years to compensate them for inflation, but also to recognise their contribution to the growth of the Irish economy.”

He said his members had witnessed huge change in the financial services industry, resulting in significant increases in profitability and productivity.

“Our members have also faced attempts, by some banks, to engage in significant cost savings through restructuring, attacks on pensions and reductions in profit-share arrangements,” he added.

Mr Broderick said trade union recognition was becoming an issue, not just for the IBOA but unions generally.

“The Supreme Court decision in the Ryanair case has done irreparable damage to the 2001 — 2004 Industrial Relations Amendment Act. Government and employers cannot have it both ways and if they are prepared to collectively engage with us at national level, a legislative framework needs to be put in place at company level, to give unions the right to collectively negotiate.”

The IBOA represents 20,000 workers in the financial services industry.