Barclays has agreed a new three-year pay deal above the rate of inflation for 48,000 employees.
This follows three months of negotiations between Barclays and union Unite (Amicus section). The deal amounts to retail price inflation – which is currently 4.1% – plus an additional 0.9%. The offer begins on 1 April next year and is subject to a maximum of 5% for each year of the deal.
Keith Brookes, national officer at Unite, said: “This is a market-leading deal which raises the bar for the banking industry. It means the vast majority of Barclay’s employees will get an above inflation pay rise in each year of the three-year deal.
“Banks make vast profits but they often try to pay staff as little as they can get away with. Barclay’s are bucking the trend and giving their staff a fairer share.”
A spokesman from Barclays added: “Barclays and Unite believe this is a good deal for both employees and the Bank.”