Striking back at pay-cutting bosses

HSBC: Striking back at pay-cutting bosses

INDUSTRIAL ACTION by Amicus members at HSBC on 27 May was taken as a
result of a pay package which cut bonuses and imposed a below-inflation
rise. But this action was a culmination of years of contempt shown by
management to its workforce.

An Amicus/Unifi member at HSBC, Bootle

In January, the bank announced profits of £9.6 billion, an annual
increase of 36%. But all HSBC management could offer its workers was a
deal that gave 45% of staff a below-inflation rise and 10% no rise at
all – an effective pay cut for over half its workforce!

This followed years of deals linked to complex bonus schemes and
consistent below-inflation rises that left a majority of workers getting
poorer. No wonder the bank is making record profits!

A solid strike on 27 May was a result of years of frustration felt by
many workers. At the NWNDC in Bootle, staff held colourful and vocal
pickets, turning away couriers and contractors. Royal Mail used managers
as the CWU refused to cross the picket.

A number of agency workers also turned around, despite management
intimidation even by a manager who is an Amicus member.

Although this was initially a 24-hour strike, it has shown
finance-sector workers are not the white-collar pushovers that
management think they are.

With the threat of further action and the disruption this would
involve, the union should now demand proper pay rewards for all its
workers as well as a recruitment drive for agency workers, linked to a
campaign for secure contracts.