More than 3,000 staff at PTSB will see pay rise by up to 4 per cent following what was described as “extensive work” in negotiations between the bank and a group of unions.
Members of the Financial Services Union, Mandate and Unite The Union voted on Friday to accept the agreement on the pay negotiations.
The unions and the bank reached agreement on the 4 per cent offer which they said was divided evenly across two pots, a 2 per cent general increase and a 2 per cent increase through a performance payment model. The increases are set to be backdated to the start of the year.
The agreement, which was reached with the support of an independent mediator, comes after “significant and extensive negotiations” over several months.
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There will also be an increase to the lowest entry-level salary for new staff to €29,580 from €27,500, with any staff currently being paid under the new minimum getting boosted to the new level.
The two sides have agreed to put in place a special representative group which will work on the existing performance evaluation system for the remainder of the year.
In a joint statement, PTSB and the unions said they “welcome the acceptance of this pay agreement by the members and acknowledge the extensive work and effort that took place between all parties to reach this agreement”.
The mediator said the range of negotiations was “extensive and quite complex”. The two parties have agreed to start their 2026 pay negotiations in October in the hopes of coming to an earlier agreement.
In February, the bank confirmed plans to cut about 300 jobs this year after receiving a strong level of applications for a voluntary redundancy scheme at the start of 2025.
Sources told The Irish Times at the time that the scheme had been heavily oversubscribed.
