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New Ireland staff to get backpay
01 Sep 2015 07:07
RTÉ News has learned that 220 employees at Bank of Ireland subsidiary New Ireland Assurance are set for a windfall as they receive back-money averaging an estimated €10,000 in a six-year-old row over pay increases.
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Bank of Ireland confirmed that following a recent mediation between New Ireland and the Unite trade union, a resolution to a pay claim relating back to the year 2009 has been agreed.
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Bank of Ireland declined to confirm to RTÉ the amount of the average retrospection lump sum, the total cost to the bank, or whether it would be picking up some of all of Unite's legal costs.
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A spokesperson said the Bank of Ireland Group does not disclose these costs outside of the reporting cycle but the overall cost would not be material.
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However, other informed sources suggested that the average lump sum for the 220 New Ireland employees would be around €10,000 - bringing the total cost to around €2.2m.
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That could be higher if the bank contributes to Unite's legal costs.
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The claim goes back to 2009, when Bank of Ireland paid a 3.5% national wage round to around 6,000 staff - but withheld it from 500 employees in subsidiary New Ireland Assurance, which had changed to a performance related pay system in 2001.
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