An extension of the banking levy to cover successful new entrants to the sector like Revolut is one of proposals in the Financial Services Union’s (FSU) submission in advance of the coming Budget.
The union wants to see the money raised ring-fenced for a number of specific purposes, including the provision of digital literacy supports to the members of the public with research previously published by the Government suggesting almost half struggle to manage their personal finances.
“The FSU want to ensure that the ordinary people of this country who bailed out the banks benefit from the funds raised from a levy imposed by the Government during the banking crash,” said FSU general secretary John O’Connell as the Budget submission was launched on Thursday.
“The financial services sector is changing, and we feel it is an appropriate time to expand the levy to include other financial institutions. This would move the levy away from being seen as a punishment of the banking crash to a fund supported by the wider banking sector and used for social good,” he said.
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Another portion of the money raised could be used for the training and other supports required as part of the promotion by Government or collective bargaining required under the terms of EU directive on Adequate Minimum Wage, the union proposes.
“A critical part of this directive is the requirement of the Government to produce an action plan to support and enable collective bargaining,” said Mr O’Connell.
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“Any action plan will require resources, and we call on the Government to set up a support fund to ensure resources are allocated to support business and workers in achieving the set aims of the directive.
Among the other measures the union is calling for is the extension of paid maternity leave to 52 weeks, the provision of free over the counter menopause treatments, a further expansion of the tax free voucher scheme and a requirement for higher payments and tax free allowances for those working from home.
The union argues that take up of tax credits intended to help people pay increased costs in relation to the likes of electricity and heating has fallen far short of expectations because the amounts involved at present are so low.
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