Santander pay deal out to ballotTelecoms & Financial Services, Santander January 14 2020
Members across Santander are being urged to accept a two-year pay deal which will deliver across-the-board rises in both years that match the current rate of RPI inflation for the vast majority of CWU-represented grades.
Crucially the deal maintains a pay progression scheme previously negotiated by the CWU that is unique in the banking industry. In a sector in which performance-related rises are the norm, the headline pay deal is not performance related – applying to everyone apart from IP performers, with them having the potential to benefit if their performance improves.
Strongly recommending the deal to members in an electronic ballot which opens this morning (Tuesday),
assistant secretary Sally Bridge stressed that the union’s negotiating team unanimously believed that the company’s final offer – which emerged following talks just before Christmas – was the very best that could be achieved by negotiation.
“This was a difficult and complicated set of talks covering all the members we represent in every part of the business,” she explains. “Following a series of earlier company proposals that were rejected by the union during the many days we were locked in negotiations, the CWU’s Santander’ national team unanimously believes that the company’s final offer provides for meaningful and fair increases which provide individuals with a valuable level of certainty in potentially turbulent political and economic times.”
The deal in detail…
Details of the complex deal now before members are set out in Santander Members’ Bulletin No. 01/2020, which has been emailed to Santander members – but headline elements include:
- A simplified two-box matrix for S1/G1 and S2/G2 grades, which provide an award of 3% for those on 80 to 89.99% of their pay range and 2.2% for those above 90% to the maximum
- Non-consolidated awards of 2.2% for those above the maximum of their pay range, excluding protected grades who will receive consolidated awards
- A fixed award of £825 for S3/G3 and equivalent management grades that is worth up to 1.85% and a small discretionary budged for S4/G4 and S5/G5 senior management grades whose salary is within the pay range.
- The S3/G3 increases are consolidated for all those paid up to the maximum of their pay band, and non-consolidated for those whose pay rates sit above that level
- Increases to the inner and outer London pay ranges reflecting the London premium.
- For colleagues in Santander Technology in grades equivalent to S1 and S2 there are consolidated awards of 2.2%, a fixed award of £825 for S3 equivalents and a small discretionary budget for S4 and S5 equivalent grades.
In addition to the proposed pay settlement that is now before members, the CWU has secured a commitment from the Bank for a review of the reward structure in Santander Technology which will commence later this year.
Sally concludes: “The aim of the CWU national team for the very start of this year’s pay round has been to simplify the pay deal in addition to securing a decent increase in our members’ pay.
“We firmly believe we have achieved both objectives – and strongly recommend members to vote ’Yes’ to accept the offer in the consultative ballot.”
- Electronic ballot papers are in the process of being despatched, and votes must be cast January 31. The result will be announced on February 3 – and provided the deal is accepted by members, the 2020 pay rise will come into effect on March 1.
Please see Santander Members’ Bulletin No. 01/2020 for further information.