Accord says it’s not agreed to TSB’s 2% pay offer. TSB says that both unions “agree the principles and approach for the 2019 pay increases”. Call me naive but is that not an agreement by any other name?
Excluding the IT meltdown – which we know is impossible to do – TSB staff have suffered a triple pay whammy, the likes of which we have never seen before
2018 – Whammy 1
The average member of staff in TSB received a pay increase of 2% but inflation was running at 4.1%. So, in real terms the average member of staff was 2.1% worse off.
2019 – Whammy 2
This year all staff are getting 2% but inflation is running at 3.1%. So, all TSB staff are going to be 1.1% worse off yet again in real terms.
If we add those two figures together, then the average member of staff in TSB will have seen their pay fall by 3.2% over the last two years. That’s why when thinking about all aspects of their personal financial situation, 50% of the TSB staff in the recent engagement survey said they were dissatisfied with their current financial position.
2019 – Whammy 3
But it get’s worse. The two HR approved staff bodies agreed to do away with the TSB Award, worth 12% and instead replace it with a Recognition Award which was worth just 7% to most front line staff. We calculated that members would lose £2,780 each.
Adding all three figures together, TSB staff will have seen their overall pay fall by 8.2% over the last few years. That is an unprecedented reduction in pay, which no independent union worthy of the name would accept.
The worst thing is that when their living standards were being reduced, TSB staff were coping with the biggest IT meltdown ever seen. It was those same staff that saved TSB and they have been treated appallingly over the last few years.