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HSBC to honour 2016 pay rises for 28,000 UK workers-union

Reuters - UK Focus

By Carolyn Cohn

LONDON, Feb 3 (Reuters) - Europe's largest lender HSBC will honour agreed 2016 pay rises for over 28,000 junior British workers despite a global freeze on pay, trade union Unite said on Wednesday.

HSBC is imposing a hiring and pay freeze across the bank this year, as it pushes through with plans for annual cost savings of up to $5 billion by 2017.

"HSBC will abide by pay deals made with recognised trade unions, such as Unite," Unite said in a statement, adding union officials met HSBC Bank Plc chief executive Antonio Simoes on Tuesday.

The clerical employees will get a payout from a pot representing an overall 2.2 percent rise, Unite said.

HSBC did not immediately respond to a request for comment. (Editing by Rachel Armstrong and Mark Potter)