Pay 2024 joint AXA/Unite statement

Joint Statement 2024

  • This statement applies to all AXA UK employees other than those in AXA Health
  • The 2024 pay budget has been negotiated by AXA and Unite
  • A 5% pay review budget has been offered for the Unite bargaining group (Associates, Senior Associates and Professionals). Pay awards for each of these grades will be distributed via a fixed matrix which accounts for an individual’s 2023 performance and current position in the pay range
  • A 4% pay review budget will be provided to Senior Professionals, Leaders and Senior Leaders. Individual pay awards for employees in these grades will be made by manager discretion 
  • Unite members will go to ballot (i.e. vote on the offer) between 14 – 19 February
  • All pay increases will be effective 1 April 2024

Each year the pay budget (the amount of spend allocated to pay increases) and how it is distributed out to people is reviewed. These elements are negotiated between AXA and Unite for all AXA UK employees in Associate to Professional grades, except for those in AXA Health.

AXA Health has also released their own pay statement today. 

Overall budgets

Negotiations have now concluded with an offer of a 5.0% overall pay budget increase for all colleagues across the Associate to Professional grades. 

Similarly, a budget increase of 4.0% will apply to the Senior Professional to Senior Leader grades, as agreed during a consultation which also included Vox and AXA’s Manager Representatives. 

How AXA distributes pay awards – matrix vs. discretionary approaches

AXA distributes pay awards based on either a matrix or discretionary approach according to employee grade. Both approaches are described in more detail below, but this table shows which approach, and proposed pay budget value, applies to each employee grade in 2024:

Similarly to last year, Professional grades are being included in the matrix pay distribution approach for 2024 awards. The same will also apply for 2025.

2024 Matrix pay distribution approach (Associate, Senior Associate & Professional)

The total 2024 pay budget increase (the amount available to spend) for this group is 5%, however the actual pay award for each individual will be influenced by their performance rating and the position of their salary in the pay range. Following the matrix below, this means that larger awards will be provided to those with a higher performance rating and those positioned at the lower end of the pay range.

Further information about how pay is distributed using the matrix (including how to calculate your position in range) can be found on the 2024 Pay Review page on ONE.

Why is AXA proposing to include the Professional grade in the matrix approach in 2024? 

A review took place in 2023 which indicated that most colleagues preferred the simplicity and certainty of the matrix. 

As such, we have agreed to continue with this practice for a two-year period, 2024 and 2025 pay review, after which we will review our approach again. 

2024 Discretionary pay approach – Senior Professional, Leader & Senior Leader

Managers who are responsible for making pay decisions during the pay review process (also known as Pool Heads) will use their discretion to provide pay awards for employees in Senior Professional to Senior Leader grades, keeping within the 4% budget.

Pool Heads consider a range of factors when making a decision on an individual’s pay including their performance, position in the salary range, the external market and comparison to peers. Outcomes are reviewed centrally to ensure fairness. The process for these checks and the guidance provided to Pool Heads ahead of pay review are reconsidered each year to ensure that they continue to be fit for purpose and lead to appropriate pay outcomes.

Adjustments to pay ranges

Minimum salaries in the UK pay ranges will be uplifted above the new Real Living Wage for National and London effective from 1 April 2024.

Pay ranges have been assessed again to determine whether further adjustments are required, keeping the external market in mind. The revised 2024 pay ranges will be available in the Manager area on ONE towards the end of February and will be effective 1 April 2024. 

Competency Frameworks

No changes will be made to Competency Framework pay rates at this point (except for Real Living Wage uplifts). 

All colleagues who are aligned to competency frameworks will remain in scope for the pay matrix (where applicable).

Next steps

Unite members will go to ballot on this offer between 9am Wednesday 14 February to noon Tuesday 20 February. The final pay budget won’t be confirmed until the results of the ballot are known. Unite is a democratic organisation and it is members in AXA who have the final say; if you are a member you are encouraged to vote.

Individual pay outcomes will be formally communicated to employees in March and any pay increases will take effect from 1 April 2024.

There is more information on the pay review process on the My Pay page on ONE. Please speak to your line manager or Unite representative if you have any further questions. 

Tara Foley Chief Executive Officer AXA UK & Ireland Dominic Hook National Officer Unite the Union

8 Comments »

  1. Jonathan Said,

    February 14, 2024 @ 9:29 am

    2021 pay review: 2020 RPI = 2.1, 2020 CPI = 0.9%, Unite agree 1.5%

    2022 pay review: 2021 RPI = 2.9%, 2021 CPI = 2.6%, Unite agree 4.5%

    2023 pay review: 2022 RPI = 13.8%, 2022 CPI = 9.4%, Unite agree 7%

    2024 pay review: 2023 RPI = 11.6%, 2023 CPI = 7.3%. Unite would like us to consider 5%.

  2. steveblease Said,

    February 14, 2024 @ 9:56 am

    CPI is currently 4%, RPI 4.9%, the pay offer for 2024 is 5%

  3. ShameOnUnite Said,

    February 18, 2024 @ 2:45 pm

    @SteveBlease
    CPI is currently 4%, RPI 4.9%, the pay offer for 2024 is 5% (unless you are SP or above and your pay offer is 4%)

    Is CPI and RPI less for senior professionals? if so please let me know where we can access lower energy costs, lower interest rates, lower council tax, lower fuel costs etc than the grades you represent.

    there are many professionals on salaries greater than SP. you should be representing everyone equally and not just the lower grades. shame on you for agreeing it.

  4. steveblease Said,

    February 19, 2024 @ 11:22 am

    Unite only have negotiating rights for the “lower grades” so that is who we negotiate for. Senior Professionals are not represented by Unite but by the Managers Forum who had their own talks with the company so perhaps you ought to address your issues to them and see what they have to say.

  5. Laura Ellington Said,

    February 19, 2024 @ 2:59 pm

    @ShameOnUnite I would raise any concerns with the the Manager reps as Unite do not negotiate for SP and above.

  6. Laura Ellington Said,

    February 19, 2024 @ 3:02 pm

    Sorry didn’t mean to submit that as I hadn’t finished my comment. It is worth noting that SPs get Private Medical Insurance in their benefits package and a higher percentage target bonus too.

  7. Jonathan Said,

    February 21, 2024 @ 11:00 am

    @steveblease Current inflation will be reflected in next years pay review so please don’t quote current rates to try and suggest this was a successful negotiation. The last two years of negotiations have made AXA employees worse off. Very disappointing, and if positioned accurately with members I think the voting would have gone a different way.

  8. steveblease Said,

    February 21, 2024 @ 11:22 am

    We have always used the current inflation at the time of the offer/ballot. If you think you can do better please become a rep and we’ll get you involved in the 2025 negotiations.

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