Bank of Ireland staff to receive pay rise and bonus 18 November 2014 Last updated at 15:48 By John Campbell BBC News NI Economics & Business Editor Bank of Ireland staff, including those in Northern Ireland, are to receive an above inflation pay rise and a bonus. It is the first pay rise at the bank since 2008. Around 6,000 staff in Bank of Ireland, including 1,300 in Northern Ireland, will get an increase of 1.75% next month with a further 2% due in January. Staff will also get a one-off lump sum payment equivalent to 5% of their salary, to recognise their part in the bank's return to profitability. Road to recovery The UK rate of inflation is currently 1.3% while in the Republic of Ireland it is just 0.2%. The pay deal follows negotiations between the Irish Bank Officials' Association (IBOA) union and the bank's senior management. The IBOA General Secretary, Larry Broderick, said the deal was "an important milestone on the road to recovery within Irish banking - which also sets an important precedent for other financial institutions." He described it as a "breakthrough in a sector that has experienced particular difficulties in recent years." Mr Broderick added that the union was now "in the early stages" of talks with AIB and Ulster Bank. The banking sector across the island of Ireland has shed thousands of jobs during the financial crisis. Many workers who have kept their jobs have seen their pay fall in real terms.