RBS hits back at union low-pay claims

The
Royal Bank of Scotland (RBS) has hit back at union claims that it is not
sharing enough of its record profits with staff.

RBS
is expected to announce £7bn in profits, but stands accused of giving
below-inflation pay rises to staff by finance union, Unifi.

However,
the bank claims that remuneration for its 111,000 staff is ‘very competitive’,
with most employees receiving a package of basic pay, bonuses and a share of
profits.

RBS
said nearly four-fifths of staff have received additional bonuses of, on average,
10.6 per cent of their salaries.

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Unifi
estimated that the profits work out at £64,000 per employee.

By Ross Wigham