Santander members to vote on inflation-busting pay deal
Santander January 8 2025
CWU members at Santander are being urged to back an above-inflation pay deal fought for by the union.
Members are being urged to back the deal in a consultative ballot, following a strong recommendation from the Santander National Committee (SNC).
In the context of the bank’s strong financial results in the previous year, the CWU was aiming for a pay award which recognised the overall contribution that workers made to the company’s success.
After negotiations starting at the end of November 2024, the deal will mean that all colleagues in Bands S1 and S2 will receive a minimum pay ward in 2025 of 4% or 3.5% in a pay increase, or £1,000, depending on which is the greater sum.
In 2026, this sum will go up to a 3% or 2.5% pay rise, or £800, depending again on which sum is greater.
Band S3 colleagues will receive a 2025 pay minimum of either 3.25% or 2.75%, or £1000 if this is the greater sum, and a 2.25% or 1.75% rise (or £800 sum) for 2026.
Band S4 colleagues will receive a 2025 minimum pay award of either 3% or 2.5%, or £1,000 (if a greater sum), and a 2026 rise of 2% or 1.% (or £800).
For Band S5, pay awards will be made on a discretionary basis in both 2025 and 2026.
Private medical insurance will also be covered for all S1 and S2 colleagues, starting January 2026.
Should the deal be ratified by members, it will be effective from 1st March 2025 for two years.
Members’ votes will arrive on Friday 10thJanuary, with the ballot closing and being subsequently announced at midday on Friday 24th January.
A pay meeting organised by the CWU will be held on Zoom from 15.00 to 17.00 on Tuesday 14th January. The link can be found here.
CWU National Officer Fiona Curtis said: “It’s the firm view of our union and its Santander national committee that this deal is the best that can be negotiated for, and compares favourably with other pay deals in the sector.
“As such, we wholeheartedly urge members to vote ‘yes’ in the upcoming ballot.”