Imagine if you didn't have a pay rise for 5 years.
This appears to be the fate that has befallen staff at AIB.
The nationalised Irish bank has announced plans to freeze pay until 2014, as well as transferring all its employees on a defined benefit pension scheme (where they get paid a specified sum in retirement, no matter what) to a defined contribution scheme (where their pensions will depend upon how well their pension fund performs in the market).
AIB says this has to be done in order to reduce its cost base, which amounted to 96% of revenues last year.
However, people with Irish banking jobs at AIB are predictably unhappy. "Our members throughout AIB Group have already endured a pay freeze since 2009," said Larry Broderick at the Irish Bank Officials Association (IBOA).
AIB's absence of pay increases is all the more galling in light of various reports suggesting financial services pay is rising in Ireland.