Unite defends low-paid workers’ bonuses

09.03.09

Rob MacGregor, Unite national officer, said: “Unite will stand firm in defence of staff at the Lloyds Banking Group who have earned their small annual bonus payment. These workers are earning salaries as low as £12,000 per year and depend on the bonus payments to survive. It is inappropriate for front-line staff to be compared to executives or city traders who have ridden the wave of finance growth and made huge pots of money.

“It is essential that the government now ensures that the taxpayers’ economic stake is used in a socially responsible manner. It would be deplorable for the taxpayer-backed Asset Protection Scheme to insure the banks’ riskiest assets while getting no real say in how the company is managed in the future. The taxpayers’ demands have to be heard at the top table and not simply become a silent injection of money.

“The financial support to the UK’s banking sector must be tied to clear commitments to secure jobs and making the industry more transparent and accountable. There can not be a business as usual scenario inside Lloyds Banking Group.”