Unite the union will today (Tuesday 28th October) launch a 'Social Contract' for the financial services industry. The principles which set out how the finance sector now needs to be reformed will be launched at a meeting of hundreds of senior workplace representatives from Unite and MPs in the House of Commons.

Following the governments' commitment of taxpayers' money to support the financial services industry, the union is calling on the government and finance companies to ensure that jobs and communities, not executive bonuses, are the priority.

Derek Simpson, Unite Joint General Secretary, said: "Workers in the financial services are facing insecurity as the world is gripped by economic turmoil. The Unite 'Social Contract' sets out the principles which employees expect the government and finance companies to now sign up to.

"Unite is calling for the protection of jobs, pensions, the end to the short-term remuneration policies and an overhaul of the regulatory structures in the financial services sector. There must be a recognition of the importance of employment in the financial services sector, as many communities now depend on the sector since being decimated by the collapse of the manufacturing industry.

"Workers in the financial services industry are not the culprits of the credit crunch and we are not prepared to allow them to become the victims. The taxpayer must now get firm assurances that the financial lifeline extended to these large organisations will be used to protect jobs and the public. It is not acceptable for the government to socialise the risk without allowing the wider society to capitalise on the rewards in the finance industry."

Source: Unite the Union

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