From the TUC

They’re not all ‘Bankers’

26 Feb 2009, By

You know what its like – you drive your company to into the ground, make a loss of £28bn, ask the tax-payers to bail you out to the tune of £20bn, and all you get in return is a £693k a year pension from the age of 50…

There has been much outrage (and on-line action) about ‘Fred the Shred’s’ pension, and the fact that bank bosses seem to think failure should be rewarded with nice fat bonuses, but its important to remember that not all ‘bankers’ are, well, ‘bankers‘.

At yesterday’s TUC General Council meeting Ged Nichols of HBOS union Accord drew a clear distinction between ‘bankers’ and ‘bankworkers’ – many of whom work part-time and who draw down an average salary of £17,000 a year. For  hundreds of thousands of these workers, ‘bonuses’ of £1000 or £2000 are actually a fundamental part of their pretty modest incomes, which is why unions like Accord and UNITE are doing their best to ensure that their members don’t get left to pick up the bill for the incompetence of those that managed them. Government needs to do more to play its part too – by actively using its (growing) shareholdings in the key high street banks to sort the ‘bankers’ from the ‘bank-workers’ – which is why its good see the Chancellor sticking his two penn’orth worth in.