2022/23 Salary Ballot Result

Friday, January 27th, 2023

The final result of the ballot was:-

Accept the offer              94%              

Reject the offer               6%

Turnout              62%              

Thank you for your continuing support.

Posted in Pay | Comments Off on 2022/23 Salary Ballot Result

Salary Ballot 2022/23

Tuesday, January 10th, 2023

As you are aware we submitted our pay claim to the Company in November last year.  We asked for an across the board increase plus a small merit pot to reward performance.

Our aim was to ensure that lower to middle earning colleagues receive a higher merit pot so that the cost of living increases (which impact the lower paid most) are mitigated as much as possible. In addition, feedback from Unite Representatives in other finance sector companies was fed in to the negotiations.

The Company initially proposed salary bandings differentiating between those colleagues earning less than £49,999 and those earning between £50,000 – £99,999. We are pleased that the Company took on board our feedback and agreed to increase the threshold of the lower salary band from £49,999 to £74,999, as well as the proposed minimum increase in the lower salary bandings. For those earning under £74,999 who are eligible, there will also be a  one-off payment of £500, the overall package therefore ranges between 8.75% and 11.9% which is on a par with the average RPI of 9% in 2022.

Following negotiations the Company has now proposed the following final offer:

As you can see, this year has been very different in the approach to pay increases and salary bandings, this has been done to ensure middle to lower earners have some protection from the current cost of living crisis. We have worked with the Company to agree the Manager’s Guidelines and are pleased that the starting point for those rated ‘good & effective’ will be the merit pot (you may see this referred to as the “budgeted amount” in any Company communications) for their salary banding. The minimum increase for your salary band will be the starting point for anyone with a ‘building performance’ rating.  There are a small number of exceptions to this which will be shared with managers when the process opens but we feel these are sensible and have no material concerns.

We have also secured a commitment from the Company that if the cost of living crisis worsens during  2023, they will enter into discussions with us to consider how they could help mitigate any further financial impact to members.

It is now up to you, the members to decide whether you want to accept or reject the Company’s offer. Unite believes that this is the best possible offer that can be achieved through negotiation, the offer sits on a par with or better than other finance sector companies where Unite has recognition and we would recommend acceptance.

The ballot is open until 5pm on Tuesday 24^th January.

Thank you as always for your support.

*Please note that if your April 2023 salary increase takes your annual FTE salary over £74,999 you will not be eligible for the one-off £500 payment in May. This is because you will be in the higher salary band (£75,000 – £99,999) as at 1 May 2023 and the one-off payment doesn’t apply.

Posted in Pay | Comments Off on Salary Ballot 2022/23

M&G Pay Claim 2021

Thursday, January 7th, 2021

As you are aware we submitted our pay claim to the Company in November last year.  We asked for an across the board increase plus a small merit pot to reward performance, plus a non-pensionable lump sum payment to help with increased utility costs.

Following negotiations the Company have now proposed the following final offer:

• Merit pot of 2.0% – for the makeup of our collective bargaining unit and Integration Leaders (G4 equivalent) (excluding PFP & Intermediaries).
• Minimum FTE Income for London & Reading based employees to be increased (equivalent of the London Living Wage) when announced.
• Minimum FTE Income for non-London & Reading based employees to be increased (in line with the Joseph Rowntree Foundation Minimum Income Standard) when announced.

The Company has also committed to offer a one-off non-pensionable lump sum payment to lower earning colleagues who are experiencing an increase in the cost of their usual utility bills that is greater than any offset saving in their usual commuting costs. We will work closely with the Company over the next 2-3 weeks to influence the approach they take to this and share more information with you as we get it.

It is now up to you, the members to decide whether you want to accept or reject the Company’s offer. Unite believes that this is not unexpected given the challenges faced in 2020, that this is the best possible offer that can be achieved through negotiation and given the current climate we would recommend acceptance.

Thank you for your support in 2020.

Posted in Pay | Comments Off on M&G Pay Claim 2021

M&G Prudential & Enterprise IT (Formerly PGDS) Pay Ballot 2019

Friday, January 18th, 2019

As you are aware we submitted our pay claim to the Company in November last year.  We asked for an across the board increase and for the Minimum Full Time Equivalent Income to be set at the rate of the London Living Wage.

Following negotiations the Company have now proposed the following offer:-

• Pay pot of 3% – with a commitment to conduct an additional review to ensure that DB and DC members are treated consistently prior to salary increases being approved.
• Minimum FTE Income for London & Reading based employees to be £19,201 (equivalent of the London Living Wage).
• Minimum FTE Income for non-London & Reading based employees to be £16,380 (equivalent to the national Living Wage).

It is now up to you, the members, to decide whether you want to accept or reject the Company’s offer but based on your responses to our pay survey, we would recommend acceptance.

All members in the M&G Prudential and Enterprise IT business units should have received an email with voting buttons. Please click on the Vote box in the respond group at the top of that email (next to where you normally click reply) and select whether you want to accept the offer or reject it.  The ballot is open until 12 midday on Thursday 31^st January. If you have not received the email please contact unite@prudential.co.uk

Thank you for your support.

Posted in Pay, Pru Section news | Comments Off on M&G Prudential & Enterprise IT (Formerly PGDS) Pay Ballot 2019

SRS 2018 Pay Ballot Open

Wednesday, January 17th, 2018

The 2018 SRS pay ballot opened today following the end of negotiations. The Company’s final offer which is now be voted on by Prudential Section members is as follows:-

• Pay pot of 3%
• Minimum FTE Income for London based employees to be  £18,635 (equivalent to the London Living Wage)
• Minimum FTE Income for Non-London based employees to be £17,000 (equivalent to the Joseph Rowntree Foundation Minimum Income Standard)

This followed the Unite claim which asked for an across the board increase equivalent to RPI and for the Minimum Full Time Equivalent Income to be set at the rate of the London Living Wage.

Unite’s formal response to the company stated that “we welcome the ongoing commitment to the Minimum Income levels.

However, we are extremely disappointed that the SRS Executive Team and Group Remuneration Committee see 3% as a cap/ceiling on pay deals. We believe this is a change in stance from previous years and not one that is welcome. We strongly believe that when looking at a pay offer, all options should be looked at. As detailed in our claim, the cost of living is increasing above 3% and interest rates are also increasing.  Your employees and our members clearly expressed their view that in this economic climate and with the Company continuing to make significant profits that they wanted a pay deal that reflected this.

For the Senior Management to simply ignore the extensive evidence presented in our claim and only debate a pot below 3% is astonishing; it shows how out of touch they are with the people they supposedly manage. We appreciate that our claim helped move them to a 3% deal, but for them not even to consider anything above that figure is a slap in the face for all employees who help the Company achieve the success that it enjoys. John Foley stated in November 2017 “We want M&G Prudential to become the best-loved and most successful savings and investments business. We want customers to love dealing with us and colleagues to love working here”. Our members have been quite clear that to achieve the colleague goal set by John, the Company should start with basic pay.

The Exec repeatedly state that this Company and its success is nothing without its people, however, when it comes to financial recompense for employees, Senior Management does not follow through by providing those employees with increases that as a minimum, allow for a standard of living equivalent to the previous year. As a result, your employees, our members, are getting poorer in real terms each year while the Exec continue to get richer.

We are also disappointed that again there was no consideration to an across the board the element in the offer. When you look at the actual distribution last year the average increase for those who were rated meeting/meeting was 2.70%.  We, therefore, believe it would have been possible for you set a minimum increase of 3% for those employees in that box.  As we discussed at our first meeting, other Finance Sector organisations are now moving towards this and we would have hoped that a minimum increase across the board would have been considered, but again this hasn’t even been debated.  Again, we find this incredibly hypocritical and arrogant of the remuneration committee, particularly as many of them enjoy the privilege of across the board increases to their own basic pay.”

The Company made clear that this was the final offer so we have now opened the pay ballot and our members will vote on whether to accept or reject the offer.

The ballot closes at midday on Wednesday 31st January 2018.

Posted in Pay, Pru Section news | Comments Off on SRS 2018 Pay Ballot Open