Pay 2017 – joint AXA/Unite statement

This statement sets out details of the overall pay budget (how much the company has available to spend overall) and framework (how AXA will spend that money) for 2017. These are negotiated between AXA and Unite for AXA Insurance (Levels 9-6) and Corporate Centre (Levels 9-6), and consulted with Vox for AXA PPP and AXA Global Protect (all levels).

Overall budget

This year’s pay budget talks have concluded with an overall pay offer of 2.7% for employees (Levels 9-3). Any pay increases will take effect from 1 April 2017.

Levels 9-6 Pay Framework

This year the way the pay budget will be delivered is changing slightly. For levels 6-9, similar to previous years, pay increases will be determined based on your performance rating and position in the pay range. This year there will be more consistency with a fixed matrix used to set pay increases.

The overall budget will be split as follows:

• A fixed pay matrix that will spend 2.5% of the overall budget (as shown below), plus
• An additional 0.2%; the allocation of this will be determined by each OpCo.

*For AXA Insurance and Corporate Center it has been agreed that the 0.2% additional spend will be used to enhance the above pay matrix. AXA PPP will use their additional budget alongside their matrix.

 Levels 5-3 Pay Approach

This year managers will have more discretion to set pay increases for levels 5-3, enabling more individual focus. Your performance and current salary against the pay ranges will still be part of the decision making.

Each pool head will be given a budget to distribute. All pay increases will need to be within the agreed overall pay budget.

Other adjustments

AXA’s minimum salary level will be increased; however the remainder of the pay ranges will be unchanged.

Other pay arrangements such as the Insurance Claims Development Framework and PPP Job Families are managed outside of this process.

Please see the My Reward pages on ONE for more information on the annual pay review process.

 Next steps

Unite will ballot their members, with the ballot taking place from Wednesday 25 January.

Please speak to your Line Manager or Unite Representative if you have any questions.

Lucinda Charles Jones                                                Dominic Hook

HR Director UK/I and                                                 National Officer – Unite

Global Life, Savings & Health

Addendum:

The additional 0.2% for AXA Insurance and Corporate Centre will be used to enhance the above pay matrix as follows,