TSB has announced today that staff in grades B-D will be getting a £1000 cost of living bonus following our successful campaign. £500 will be paid in October and £500 will be paid in February 2023.

In June we said:

“TSB should follow the lead of Lloyds Banking Group and Rolls Royce and give all its staff a cost of living bonus. Lloyds staff will be getting their £1,000 bonus in August; Rolls Royce staff will also be getting their £2,000 cost of living bonus in August”.

We also said:

“If TSB follows the lead of Lloyds, then we would urge it not to pro-rata the payment for reduced hours staff. Whilst we understand that historically such one-off payments have always been pro-rated, TSB should make an exception on this occasion. We believe that would be supported by the vast majority of TSB staff. Energy, fuel and food costs are not pro-rated”.

TSB has done what we asked and will not pro-rate the bonus payments which means that all staff, regardless of the hours they work, will all get the same bonus. That’s good news because, as we’ve been saying repeatedly, energy, fuel and food costs are not pro-rated. We opposed pro-rating in Lloyds, Accord accepted it.

We understand that Accord and Unite will want to jump on our bandwagon and claim some part in this victory, but TSB staff will know that it was our Newsletter which forced the issue on the bank’s agenda and caused it to change its position. Accord has said nothing about a cost of living bonus for TSB staff.

Members with any questions should contact the Union’s Advice Team on 01234 716029 (choose Option 1).

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