It seems that the person with the largest basic pay increase in Lloyds this year will be Mr. Charlie Nunn. No, not the Charlie Nunn who works at the Lloyds branch in Bedale, North Yorkshire. but the tie-less hipster who works in Gresham Street.
Mr Nunn’s basic salary of £1,180,000 million was increased by 13% to £1,335,321 in January 2025. That was a hidden, some would use the word sneaky, one off pay increase that didn’t apply to anyone else in Lloyds Banking Group.
In addition to that increase, Mr Nunn will also get a 3% pay increase to his new £1,335,321 basic salary in April 2025. His new salary will be £1,375,381.
Mr Nunn also gets a fixed share award for turning up for work. It’s not performance related. Interestingly. Mr Bill Winters, Chief Executive of Standard Chartered, described such awards, which he also gets, as a “grotesque increase in fixed pay.”.
In 2024, Mr Nunn’s fixed share award was £1,082,000. From April 2025, that fixed share award will be increased by a 27% increase to £1,373,381.
Add in the Group Performance Share and Long-Term Incentive Plan options and we can see that Mr Nunn’s rewards have shot up massively. Now, we don’t say Mr Nunn’s overpaid, but we do say that if his pay rises were linked to the average for all other managers Lloyds would approach pay for staff very differently.
The Have Nots
So, it’s been a very, very good year for Mr Nunn. He got an inflation busting pay increase but what about the rest of the 54,423 staff in Lloyds Banking Group.
The retail price index (RPI), which is the definition of inflation that is used by trade unions when negotiating pay rises, is likely to rise to 5% over the next few months.
The average increases for Lloyds staff for 2025 are as follows:
A – 5.8%
B – 5.4%
C – 4.6%
The average for Grades A-C staff includes bringing to the minimum those not already there and that distorts the overall average. Most staff in Grades A-C will get average increases of 4.3%.
D – 4%
E – 4%
F – 3.5%
G – 3.5%
That means for 2025, a significant portion of Lloyds staff will get salary increases which are well below the rate of inflation.
In the rush to sign a two-year pay deal, any deal, Lloyds staff have been made financially worse off. Staff shouldn’t be disadvantaged financially because of Accord and Unite’s determination to please their patrons, Lloyds management, who have taken full advantage of their lack of backbone. Lloyds needs to reconsider its 2025 pay offer considering the new economic circumstances.
Members with any questions should contact the Union’s Advice Team on 01234 262868 (Option 1).
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