Ulster Bank has today confirmed a two-year pay deal for staff, including wage rises for next year.
The bank said it would pay a lump sum payment for all staff below managerial level for this year, while it also announced a return to performance-related pay rises for managers in 2015.
According to the bank, all staff below managerial level will get a lump sum payment before Christmas.
They will also see their pay packets rising next year, based on the level they are at on the pay scale and their individual performance.
According to the Irish Bank Officials' Association, the pre-Christmas lump sum will be €700, or £600 for Northern Ireland staff.
Meanwhile it said next year's pay rises will range between 0% and 8%, with most likely to come within the 1.75%-2% range.
The IBOA said the proposals were now being put to its members and it was recommending they be accepted.
Ulster Bank said this will be the first pay increase for its staff since 2011 and for managers since 2010.
"In line with Ulster Bank's commitment to paying people fairly and recognising each individual's contribution in returning the bank to profit in 2014, we now have a comprehensive and fair two-year proposal, focusing on those at the middle and lower end of the salary scales in Ulster Bank," commented the bank's head of human resources, Kevin Keegan.
Operating profit at Ulster Bank increased by €427m to €485m in the three months to the end of September. Last month, the bank announced plans to close 14 more branches around the country.
The lender is the second bank operating in Ireland to announce pay rises this year, with Bank of Ireland also planning to increase wages for its staff in return for workplace changes.
