The Financial Services Union (FSU) is to conduct a ballot of union members in Ulster Bank on a pay deal negotiated between the union and Ulster Bank.

The FSU is looking for workers to receive what it described as an "inflation proofed" pay increase this year.

Gareth Murphy, Head of Campaigns and Industrial Relations at the FSU, said negotiations between the union and Ulster Bank have been underway for a number of months.

"These negotiated proposals will deliver a 4% increase for most workers and a 6.5% pay increase for those on medium to lower pay," he said in a statement.

"An additional element to this deal is that it would, if agreed introduce a new entry rate of €30,015 for new starters in the bank which is the best in the sector.

"It will also include an additional 370 workers who previously did not receive pay increases," he added.

The agreement with Ulster Bank will be voted on in the coming weeks by union members in Ulster Bank.

The General Secretary of the FSU, John O'Connell, said the rising cost of living is causing huge issues for families and workers across the country.

"It is important that profitable employers recognise the work done by their employees over the last twelve months and increase the pay packet of their staff to protect them against the rising cost of inflation," he said.

The FSU has lodged similar pay claims with PTSB, AIB and Bank of Ireland.

The union said it is currently in negotiations with AIB and PTSB on pay, and will be attending the WRC with Bank of Ireland after agreement could not be reached with the bank on a pay deal for workers.

"Nice words from bank management or from the Minister for Finance will not put bread on the table or pay to heat a home," Mr O'Connell said.