Yesterday, Lloyds responded to our claim and is offering all grades A-C staff a one-off recognition payment of just £250. It’s one of the lowest awards we have seen for key workers and half of what TSB staff got. Notwithstanding the economic consequences of COVID 19, Lloyds is still one of the most profitable banks in the world and significantly more profitable than TSB. It could easily afford to pay £500 to all front-line staff given that it’s just paid out £64 million in fines to the FCA for mistreating customers.
But it gets worse. It seems that in Lloyds some front-line staff are more deserving than others. Staff in grades D and above who have been working on the front-line since March 10th, putting themselves and their families at increased risk, are getting nothing. That is absolutely unacceptable. Either every front-line member of staff should get the bonus or no one should get it. Differentiating between staff on the basis of grade is divisive and mean spirited when it comes to a recognition award for working in branches and offices during the worst pandemic since the Spanish flu. All front-line staff faced the same risk. COVID 19 does not discriminate on the basis of grade and nor should Lloyds.
The bank needs to revisit the amount of the award, which after tax and national insurance, will be worth just £200 and the eligibility criteria immediately.
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