Pay claim follows profit boost in wake of Ulster Bank deal

August 31st: Unite, which represents a majority of workers in Permanent TSB, is seeking a general pay increase of 13% for 2024.

The pay claim follows PTSB’s return to profitability, posting a €267 million pre-tax profit last year after acquiring €5.2 billion in assets from Ulster Bank.  Announcing its 2022 results earlier this year, the bank noted that it expected its core business to grow and remain strong in 2023.

Entry-level staff and some call centre personnel at the bank have starting annual salaries as low as €27,500, or less than the real Living Wage.

As well as pension contribution increases, the union is also seeking an extra day’s leave and an increase in maternity/paternity leave to reflect industry norms.

Commenting, Unite General Secretary Sharon Graham said:

“In early August, when announcing the bank’s half-year profits, CEO Eamon Crowley signalled that PTSB may now be in a position to resume paying dividends.  PTSB’s recovery is thanks to the expertise and commitment of its workforce, and they must be first in line for a real dividend in the form of a cost-of-living pay increase. Our members are seeking a pay increase which reflects PTSB’s return to profitability and anticipated growth”.

Regional Officer Jean O’Dowd added:

“The last pay increase was negotiated in early 2022.  Since then, like other workers, our members have been squeezed by the cost-of-living crisis and have taken a real pay cut of nearly 4%, with lower-paid workers in entry-level roles and call centres being particularly hard hit by increases in energy and housing costs.  Management should be in no doubt regarding our members’ determination to achieve a real pay increase”.