Danske Bank has inked a deal with the Financial Services Union (FSU) to shelve its redundancy programme for at least two years in Northern Ireland.
The latest deal comes after the Danish lender decided to shed 1,600 jobs or 7% of its workforce by 2023 in October 2020.
Go deeper with GlobalData
The FSU members at Danske Bank have voted to accept this deal between the bank and the FSU.
Under this deal, the lender agreed to avoid any job cuts in its Northern Ireland business – where it employs 1,350 people, among other measures.
In a statement, FSU said that the talks “have been underway for the last three months between the bank and the FSU to try and reach agreement on an array of issues to manage escalating costs, protect jobs and mitigate the need for redundancies.”
The FSU tabled several items such as maternity pay raise and pay certainty, in addition to the no job cuts commitment.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe Union said that the bank will increase maternity pay from six-weeks full pay to 26 weeks, as well as parental leave from three days to six weeks.
FSU senior industrial relations officer Mandy La Combre said: “The deal provides for pay certainty over the next three years and a commitment from the Bank that there will be no redundancies, either voluntary or compulsory, for at least the next two years.
“With Northern Ireland unemployment and redundancy figures at an all-time high and all the economic uncertainty at this time, a commitment to job security is to be welcomed.
“The FSU acknowledges the commitment of the bank in this area and particularly welcomes the increase in maternity pay from six weeks full pay to 26 weeks.
“The pay agreement will stretch from 2021 to 2023 and provides clarity into the future for our members which are to be welcomed.”
