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Staff members were told in a letter by CEO David Duffy the bank’s cost to income ratio in 2011 was 96.2% – a level “unsustainable in the current economic environment”.Duffy added that AIB plans to transfer all employees, who are currently members of a DB scheme (including hybrid arrangements), to a DC scheme, while AIB’s executive committee has agreed to a 15% reduction in total compensation.The bank has committed to a funding level of 10% and says it will engage in talks with unions about the potential to match additional contributions made by staff, adding it anticipates these changes will be implemented by the end of this year. The BBC reports Irish finance union IBOA has rejected the proposals.
Staff members were told in a letter by CEO David Duffy the bank’s cost to income ratio in 2011 was 96.2% – a level “unsustainable in the current economic environment”.Duffy added that AIB plans to transfer all employees, who are currently members of a DB scheme (including hybrid arrangements), to a DC scheme, while AIB’s executive committee has agreed to a 15% reduction in total compensation.The bank has committed to a funding level of 10% and says it will engage in talks with unions about the potential to match additional contributions made by staff, adding it anticipates these changes will be implemented by the end of this year.
The BBC reports Irish finance union IBOA has rejected the proposals.
PLANSPONSOREurope Staff editors@plansponsoreurope.com