Unite the union, which represents the workforce at Royal Bank of Scotland (RBS), has expressed disgust that the bank may pay its senior bankers potential bonuses of 200 per cent of their salaries.
As working people up and down the country continue to struggle to meet everyday bills, with prices still rising at double the rate of wages, Unite asks how can the chancellor, George Osborne, allow the bank he controls to increase the bonuses of its already highly paid top employees?
RBS employees working in call centres, bank branches and processing centres are sick of hearing about the greed at the top of their company. These hardworking staff can earn a total package of as little as £16,000 per year.
Rob MacGregor, Unite national officer said: “The chancellor must not rubber stamp the corporate greed at Royal Bank of Scotland. If he looks the other way as the top bankers pat each other on the back and fill their boots hard working people across the country will be appalled.
“Thousands of RBS staff are struggling to feed their children and pay their utility bills as they earn so little. They, along with taxpayers, have every right to expect this government to block any attempt to further reward these senior bankers.
“The hypocrisy of George Osborne in claiming that ‘it is totally unacceptable for bank bonuses to be paid on the back of taxpayer guarantees’ will disgust working people. His decision on RBS will show his true colours.
“The banking sector has no chance of increasing public trust or moving away from the perception that they have an unhealthy bonus culture if they continue to behave in this manner.”
Since the start of the financial crisis around 40,000 RBS staff have paid for the corporate culture of mismanagement and greed with their jobs. Employees are further alarmed as media reports suggest that RBS is gearing up for another substantial round of job losses next month.
Unite is supporting calls for the government to block any attempt by RBS to flout the EU bonus cap.
For further information contact Saba Edwards, Unite senior communications officer on: 07768 693 953.
Twitter: @unitetheunion Facebook: unitetheunion1
Notes to editors Unite is Britain and Ireland’s largest trade union with over 1.4 million members working across all sectors of the economy. The general secretary is Len McCluskey.