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First Direct: 3% rise


Key details:

  • Pay award: 3% increase

  • Employees covered (nos.): banking representatives, managers and support specialists (3,665)

  • Effective date: 1 April 2004

    First Direct, the telephone and internet banking arm of HSBC, increased salaries by 3% across the board for around 3,665 banking representatives, managers and support specialists, effective from 1 April 2004.An increase of 3% to the company's flexible benefits allowance is also payable from 1 July 2004.

    Bonus payments for 2003 at the Leeds-based company were worth an average 16% of salary.