The Financial Services Union (FSU) has urged the main retail banks to agree inflation proofed pay increases to rectify the erosion in the purchasing power of workers' pay.
The FSU said it will be entering pay talks with PTSB, Ulster Bank and Bank of Ireland over the coming weeks.
The union said that at a time when banks are announcing increased profits it is inconceivable for their staff to be financially less well off due to inflation.
The main banks have agreed pay increases for staff in recent years but the FSU said that the soaring cost of living has resulted in a decrease in pay in real terms for workers.
"The banks have highlighted that pay and reward for staff is causing difficulties for them in attracting and retaining staff," said John O’Connell, General Secretary of the Financial Services Union.
"It is important a signal is sent from the banks that decent pay and conditions are on offer in the sector and a career in the banking sector is something to aspire to for new graduates," Mr O'Connell said.
