The Building Momentum increases have been applied in the payroll payment of Thursday 24 November.
The Agreement provides for
- a 3% pay increase with effect from 2 February 2022, and
- an increase of 1% with effect from 1 October 2022.
The pay issue of 24 November covers the period up to November 21. This means that 9 months and 3 weeks arrears will be due on the 3% increase with additional arrears of 1% for the period 1 October to 21 Nov.
This is the first significant increase for all our members since 2008. It will give members a welcome lumpsum payment in the run up to Christmas, but it will also have a noticeable impact on fortnightly pension. There is a further 2% due on 1 March and 1.5% on 1 October of next year. Also, worth noting that from next year the 20% income tax band will be expanded to cover the first €40,000 of pension/earnings.