Lloyds staff tell AGM bank’s low pay means ‘we can’t afford to heat our homes or pay our pensions’
- Thursday 12 May 2022
Staff from Lloyds Banking Group (LGB) will today (Thursday 12 May) hold a demonstration outside the Group’s Annual General Meeting (AGM) in a pay dispute with the bank.
WHEN: Thursday 12 May 2022
WHERE: Edinburgh International Conference Centre, The Exchange, EH3 8EE
TIME: 10am – 12pm
Unite members are angry that the 2022 pay arrangement has left many low paid bank workers fearing for their economic security. Unite has gathered evidence from bank branch and call centre staff at LBG which shows some won’t be able to sufficiently heat their homes and others are having to sacrifice their future retirement plans by stopping pension contributions.
There is anger that this wealthy organisation is forcing some bank employees to turn to debt to pay their bills. This is at a time when the bank has given £1.4 billion to its shareholders in dividend payments - as well as a share buy-back scheme worth £2 billion - on the back of record profits of £5.9 billion last year.
Unite, the union which represents staff working at LBG, is holding this action as a first step towards sending a clear signal to the bank’s new CEO, Charlie Nunn, that workers are struggling through a cost-of-living crisis. Unite members rejected the bank’s 2022 pay offer, which has now been implemented.
At the demonstration Unite members will send a message to Lloyds Banking Group: ‘Pay staff, not just shareholders.’ Unite are appealing to shareholders and the bank's board to take a small reduction in their share buyback programme to bolster workers financial resources at a time when it has never been more needed.
In the year where employees have seen the worst assault on living standards since the 1950’s, LBG only gave many low paid bank staff a pay rise significantly below inflation, an even bigger insult considering the 23 per cent increase to the CEO’s rewards package after only seven months’ work.
Caren Evans, Unite national officer, said: “Unite members will today make their voices heard at the AGM. While Lloyds Banking Group are making obscene amounts of money year after year, we cannot accept a situation where their workers, the backbone of their business, are struggling financially.
“The workforce has told Unite that they won’t be able to sufficiently heat their homes. Some are even having to sacrifice their future retirement plans by stopping pension contributions, and many bank employees are having to turn to debt to pay their bills. These LBG staff aren’t fat cat bankers but everyday people giving their all for a company that is failing to do the same in return.
“Gentle words and platitudes by management won’t keep Lloyds workers warm or fed. Now is the time for the Lloyds Banking Group CEO to get off the side lines and take real action to get money into the pockets of his workers.”
Workers, shareholders and members of the public can support our campaign by signing our petition via https://tinyurl.com/bdhr6xad
For media enquiries ONLY please contact Unite senior communications officer Saba Edwards 07768 693 953.
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