Lloyds Banking announces bonuses for staff
Monday 9th March 2009, 12:12PM GMT.
Lloyds Banking Group is set to reveal which staff could be receiving their bonus from an £80 million pot.
The bonuses have generated controversy after the group accepted a taxpayer-funded bailout, with many demanding all bonuses be suspended.
Members of the board have already pledged they will forego their annual payout.
However, unions are in favour of the bonuses for frontline staff.
Rob MacGregor, national officer for trade union Unite, said: “These workers are earning salaries as low as £12,000 per year and depend on the bonus payments to survive.
“It is inappropriate for front-line staff to be compared to executives or city traders who have ridden the wave of finance growth and made huge pots of money.”
Lloyds has already said the bonuses will only be made available to staff on lower pay grades, with the average payout totalling £1,000.
The news comes just days after the group said it would insure a larger-than-expected amount of assets through the government’s scheme, sparking fears the bank is close to nationalisation.
The taxpayer now has a majority stake in the group, around 65 per cent from 43 per cent, potentially rising further.
Shares fell on opening this morning, dropping 9.29 per cent to 38.10p by 11:23 GMT.
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