Ulster Bank staff in the Republic of Ireland and in Northern Ireland, who are members of the Financial Services Union (FSU), have voted in favour of a pay deal.
Under the agreement, which was recommended to union members by the FSU, the majority of employees will receive in excess of a 4% pay rise this year, with some receiving up to 8% depending on performance.
The increases commence from 1 April.
Since Ulster Bank announced it was withdrawing from the Irish market, hundreds of staff have left the company through a series of redundancy programmes and transfers to other banks.
Remaining staff are continuing to work on the winding down of the operation and these workers will benefit from the new pay deal.
"In what has been a challenging year for everyone, it was important that staff were adequately compensated for their professionalism in delivering a consumer-friendly service," said Mandy LaCombre, Senior Industrial Relations Officer with the FSU.
"Inflation and the cost of living are still creating daily demands on households, therefore inflation proofed pay increases are reasonable."
"It is important the retail banking sector is competitive in its pay, and continues to attract workers into the sector," Ms LaCombre said.
