Santander pay deal ratified by members

Santander February 3 2020

Members across Santander have voted by four-to-one to accept a two-year pay deal which delivers across-the-board rises in both years that match the current rate of RPI inflation for the vast majority of CWU-represented grades

In a consultative e-ballot, which closed on Friday, 80% of those casting their vote gave their backing to the CWU-brokered settlement which maintains a pay progression scheme previously negotiated by the union which is unique in the banking industry

In a sector in which performance-related rises are the norm, the deal is crucially not performance-related – applying to everyone apart from IP performers, with even them having the potential to benefit if their performance improves.

In addition to the headline pay settlement (details of which can be viewed in Santander Members’ Bulletin No. 01/2020) the CWU has secured a commitment from the Bank for a review of the reward structure in Santander Technology which will commence later this year.

Thanking those who participated in the ballot for their overwhelming support for the company’s final offer – which had been strongly recommended to members by the union’s Santander national team –  CWU assistant secretary Sally Bridge said: “We firmly believe this settlement provides for meaningful and fair increases which provide individuals with a valuable level of certainty in potentially difficult economic times.”

Ratification of the deal by members means the settlement comes into effect on time on March 1, without the need for backdating.