The Workplace Relations Commission (WRC) has been invited to intervene in a pay conflict involving Permanent TSB, Unite, and the Financial Services Union (FSU), representing the workers. The bank, which chose not to utter a word, reportedly proposed a pay rise far smaller than what was asked for by Unite, the union representing the majority of the bank’s workers, earlier this year.
Unite had put forward a demand for a 13 per cent pay increase for 2024 last August, following signals from PTSB’s CEO, Eamonn Crowley, that the bank might soon be able to recommence shareholder dividends. Following the publication of the bank’s 2022 results, revealing a €267 million pre-tax profit and a recovery from the pandemic recession, Crowley made these comments. Since the financial crisis, PTSB has not disbursed any dividends, but it has received permission from financial regulatory bodies to start paying them again, which is predicted to happen in the following years.
The WRC has been scheduled for a meeting next Tuesday with PTSB, Unite, and the FSU, who emerged as the representative for the bank’s management last year following a collective bargaining agreement. The meeting aims for a mediated resolution to the pay dispute.
WRC’s mediation process is a voluntary one designed to help all parties find a mutually agreeable resolution. If the two sides can come to an agreement, a vote will be held among both union members to either accept or decline the proposed deal.
FSU’s industrial relations and campaigns head, Gareth Murphy, praised PTSB staff for their continual hard work in the past few years, which has led to the bank getting back to profitability and sustainability. He asserted that it is time for the staff to receive fair compensation for their professionalism, dedication, and top-notch customer service.
Jean O’Dowd, a Unite regional officer, revealed last August that the union’s members have experienced a real pay cut of 4% ever since the last pay agreement which took place in 2022, mainly due to the skyrocketing cost of living. She concluded with a warning to the management, stating that there is no question about the members’ unfaltering commitment to securing a significant increase in pay.