{"id":19937,"date":"2020-02-10T16:13:05","date_gmt":"2020-02-10T16:13:05","guid":{"rendered":"http:\/\/unitelive.org\/?p=19937"},"modified":"2020-11-12T12:54:32","modified_gmt":"2020-11-12T12:54:32","slug":"lloyds-bank-financial-hardship-survey","status":"publish","type":"post","link":"https:\/\/unitelive.test.igniteamt.com\/?p=19937","title":{"rendered":"‘Nothing short of outrageous’"},"content":{"rendered":"
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Amid a major restructuring that seen Lloyds Bank slash 11,000 jobs since 2018, a new Unite survey reveals a fearful workforce struggling to make ends meet.<\/p>\n

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Belying the popular notion of \u00e2\u20ac\u0098fat cat\u00e2\u20ac\u2122 bankers, a third of Lloyds bank workers who participated in the survey report financial struggles, with 22 per cent saying they were often short of money before payday. Just over 3 per cent said they were in serious financial hardship, while nearly 4 per cent reported turning to overdrafts or loans to get by.<\/p>\n

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The bank\u00e2\u20ac\u2122s culling of thousands of jobs over the last two years has struck fear into the heart of Lloyds Bank workers, with more than half of survey respondents saying they worried that they may lose their job.<\/p>\n

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Stress plagues Lloyds Bank staff \u00e2\u20ac\u201c the Unite survey found two-thirds reported experiencing symptoms of stress directly caused by their jobs, including anxiety attacks, depression, sleeplessness and frequent headaches.<\/p>\n

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Unite\u00e2\u20ac\u2122s members in Lloyds include call centre workers, branch staff and others, many of whom earn well below the average UK yearly wage of about \u00c2\u014130,000.<\/p>\n

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According to the survey of thousands of Lloyds workers, more than half said they took home the full-time equivalent of \u00c2\u014125,000 or less, with a fifth of respondents saying they earned between \u00c2\u014116,000 and \u00c2\u014120,000 yearly.<\/p>\n

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While low pay among bank staff isn\u00e2\u20ac\u2122t unusual, Lloyds has a particular large pay gap between its highest and lowest earners. Lloyds top boss Ant\u0102\u0142nio Horta-Os\u0102\u0142rio, among the highest paid chief executives in the FTSE 100, took home \u00c2\u01416.3m in 2018. Compared to those on the bank\u00e2\u20ac\u2122s minimum annual salary of \u00c2\u014117,500, Horta-Os\u0102\u0142rio earned 359 times more than the bank\u00e2\u20ac\u2122s lowest paid staff.<\/p>\n

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It is understood that the bank is now consulting on cutting Horta-Os\u0102\u0142rio pension pay package by after concerted criticism from MPs, shareholders, and City lobby groups who have pressured the banking group to bring executive pension payments in line with staff.<\/p>\n

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Lloyds Bank\u00e2\u20ac\u2122s apparent about-face on executive pay comes after MPs accused bank bosses of \u00e2\u20ac\u0098boundless greed\u00e2\u20ac\u2122 at a committee hearing last June. Even amid such fierce criticism, Horta-Os\u0102\u0142rio continued to defend his pay package.<\/p>\n

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Unite national officer Rob MacGregor called on Lloyds to pay heed to the Unite\u00e2\u20ac\u2122s survey results and listen to staff.<\/p>\n

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\u00e2\u20ac\u015bThe Unite members who participated in our staff survey are clearly sounding the alarm bells across Lloyds Banking Group,\u00e2\u20ac\u0165 he said. \u00e2\u20ac\u015bJob insecurity and financial hardship show the gulf between those at the top of the bank and the workforce. The reality for staff in this successful financial services organisation is nothing short of outrageous. The management should must now sit up and hear the concerns that Unite has expressed to them from its workforce.\u00e2\u20ac\u0165<\/p>\n","protected":false},"excerpt":{"rendered":"

Amid a major restructuring that seen Lloyds Bank slash 11,000 jobs since 2018, a new Unite survey reveals a fearful workforce struggling to make ends meet.   Belying the popular notion of \u00e2\u20ac\u0098fat cat\u00e2\u20ac\u2122 bankers, a third of Lloyds bank workers who participated in the survey report financial struggles, with 22 per cent saying they […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[292,141],"wps_subtitle":"Unite survey reveals Lloyds Bank staff suffering financial hardship","_links":{"self":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/19937"}],"collection":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19937"}],"version-history":[{"count":2,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/19937\/revisions"}],"predecessor-version":[{"id":24726,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=\/wp\/v2\/posts\/19937\/revisions\/24726"}],"wp:attachment":[{"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19937"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19937"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/unitelive.test.igniteamt.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19937"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}