May 10, 2022 | All Members, Pay
It’s ironic that almost to the day the worst pay deal in living memory became effective, Accord started talking about the cost-of-living crisis, inflation and the bank’s profits. It now says it wants the bank to “make a one-off discretionary payment”. Does Accord not...
Feb 25, 2022 | All Members, GMP Court Case, Pay
In the glossy video accompanying the bank’s new strategy, which we will discuss in more detail in a separate Newsletter, Charlie Nunn, Group Chief Executive, was asked what was “the toughest question you’ve been asked so far in preparing for this announcement?”. He...
Jan 6, 2022 | All Members, Pay
In a report published on the 29th December, the Resolution Foundation, a well-respected think-tank focused on improving the living standards for those on low to middle incomes, said that 2022 would be the “year of the squeeze” on people’s finances. In its quarterly...
Dec 7, 2021 | All Members, Pay
The 2022 pay pot, the amount of money the bank spends on pay, is just 3% compared to the current inflation rate of 6%. On the Bank’s own figures, that means all Lloyds staff are going to see their pay fall relative to the cost of living. Matt Sinnott, Group People and...
Dec 1, 2021 | All Members, Pay
According to the results of the bank’s latest engagement survey, the number of staff who felt their reward package fairly reflected their role fell by 11% compared to 2020. 40% of Lloyds staff said their reward package was not good enough. In fact, improving pay and...
Nov 1, 2021 | All Members, Pay
Inflation matters because higher prices eat into incomes and if incomes don’t grow to match prices, then living standards will fall. The Office for Budget responsibility (OBR), which provides independent and authoritative analysis of the UK’s public...
