Bank of Ireland and AIB employees will receive a one off €1,000 payment from the FSU to assist them through the cost of living crisis.
Staff will receive the money in the form of a tax free voucher. The move follows extensive campaigning from the FSU for workers to receive financial assistance as costs continue to rise.
The FSU began campaigning in September for an increase on the small benefit extension for workers to be increased from €500 to €1,000. John O’ Connell, General Secretary of the FSU, welcomed the news and said he would encourage other employers to follow suit.
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He said in a statement: “Thousands of members are completing our online survey telling us the effect that the increase in the cost of living is having on them and their families. Workers are struggling to pay bills, heat their homes and put food on the table.”
He added: “They need help from the Government, but they also need support from their employer.”
The FSU’s discussions with Bank of Ireland have been ongoing for three months, while it has held “intense” talks with AIB in recent weeks. The grant will be applicable to all staff, regardless of their position within either company.
The tax free vouchers are valid amongst specified retailers. AIB staff will receive an Appreciate Award, which has a specific list of retailers already available.
Meanwhile, Bank of Ireland’s UK staff are entitled to a payment of £1,250 as part of the cost of living package. The sum will be made available through payroll in the UK.
Mr. O’ Connell also confirmed that the union is in talks with other employers to implement similar payments. The FSU said they would continue to put pressure on employers as inflation reaches a 38 year high.
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