Lloyds staff will stage a protest outside the bank’s annual meeting on Thursday over a pay dispute.
Members of the Unite union will tell attendees at the Edinburgh meeting that low-paid employees cannot afford to heat their homes or they will stop paying their pension contributions.
The union said it would send a message to Lloyds Banking Group – ‘Pay staff, not just shareholders’.
Unite is calling on shareholders and the bank’s board to scale back their share buyback program slightly to increase workers’ financial resources.
Caren Evans, Country Head of Unite, said: “While Lloyds Banking Group makes obscene sums of money year after year, we cannot accept a situation where their employees, the backbone of their business, are struggling. financial.
“The workforce told Unite they would not be able to heat their homes enough. Some even have to sacrifice their future retirement plans by stopping pension contributions, and with many bank employees having to go into debt to pay their bills.
“These employees are not big bankers, but ordinary people who give their all for a company that does not give the same in return.
“Kind words and platitudes from management won’t keep Lloyds workers warm or fed.”
A Lloyds spokesperson said: ‘We understand that the wider economic circumstances are increasingly difficult. We believe our rewards package is fair and competitive, including compensation, bonuses, flex benefits, pensions, and great options for agile and flexible working.
“Overall, the majority of union members who voted voted in favor of the pay offer this year.”
Lloyds said the wage offer this year was worth 3.6%, giving a minimum wage increase of £1,000 for all employees.
For two-thirds of junior staff, increases were 4% or more. The minimum wage has risen to £10.60 per hour (£19,292 per year). Together with other payments, this equates to a minimum starting rate of £20,000 for new entrants.