TSB will save itself £18 million following the agreement reached with Accord on the Recognition Award. We expected that TSB would seek to recover some of the costs of the IT debacle from staff benefits. What we didn’t expect is that Accord would help them do it. TSB can’t find £18 million to pay staff what they deserve but it can spend millions on lawyers. Mr Meddings and his colleagues on the BEC and Board have got their priorities all wrong.

But it gets worse. The General Secretary of Accord, whose only response to the IT meltdown was to open a TSB current account, has said “He’s very pleased that Accord has agreed a Recognition Award”. If he’s so pleased with the award, put it to a ballot of staff and let them decide whether they are just as pleased. It’s the biggest sell out of staff since he acted as a witness for Lloyds Banking Group in the case against those who refused to sign harmonised contracts of employment.

Some of the comments from members, including those who have rejoined the union following Accord’s sell out of staff, will be set out in our next Newsletter.

£2,780 Worse Off

The average member of staff will be £2,780 worse off as a result TSB/Accord Recognition Award and the agreement to scrap the TSB Award for 2019. The tables below set out the average loss by grade, based on mid-point salaries.

The cost of the meltdown so far stands at £259 million+ but that is going to be significantly larger when you include fines from the FCA and costs for Q4 2018 and those for 2019. In a previous Newsletter we said: “The cost of the meltdown so far is equivalent to giving every member staff employed by the TSB in April, excluding BEC members who deserve nothing, a payment of £32,399 each”.

Accord also agreed to the Recognition Award being pro-rated so large swathes of reduced hours staff, all of whom have gone beyond the call of duty in keeping the Bank running with their full-time colleagues since the meltdown began, will get significantly less than they would under the TSB Award which was based on a percentage of salary. Those staff have been doubly let down by this shockingly miserable agreement.

Members can let us know how they feel by contacting us at 24hours@tbuonline.co.uk.

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