The Council of the Financial Services Union (FSU) has unanimously agreed a motion calling on all its pay bargaining committees to insist on significant pay increases for its members in each of the main retail banks in the Republic of Ireland and Northern Ireland.
It follows a pay seminar held earlier in the week at which elected officials of the FSU debated pay strategy and were briefed on current economic conditions, including the impact of inflation on living standards.
The FSU said that banks have already announced bumper half-year profits, which it said are only possible due to the dedicated and professional staff who work in very challenging circumstances.
The union said it expects that direct talks will begin shortly with some of the main retail banks with others to follow later in the year.
"The FSU has spent the last number of months listening to the voice of our members who have expressed their expectations that there will be significant pay increases achieved across the retail banking sector this year," said John O'Connell, General Secretary of the FSU.
"Pay increases for our members over the last few years have not kept pace with inflation and their earnings in real terms have dramatically decreased over that period."
"It is time that hugely profitable companies, who have no hesitation in handsomely rewarding their shareholders and senior management, pay their staff what they deserve," Mr O'Connell said.
