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Lloyds TSB: 3.5% merit award

Key details

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    • Pay award: merit rises from 3.5% pot; additional 0.85% spent on uplifting salaries

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    • Employees covered (nos.): all staff (65,000)

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    • Effective date: 1 April 2004

    Merit rises from a 3.5% pot have been awarded to 65,000 clerical and managerial staff at Lloyds TSB, effective from 1 April 2004. A new pay structure has been introduced this year in which salaries are managed using three zones - primary, market and high performance - reflecting the overall contribution and performance of the individual.