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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."

The Unite Social Contract states:

1. Recognition of Unite as a key stakeholder in the future of the financial services industry.

2. To ensure the employment security of employees in the finance sector.

3. To protect and improve the terms and conditions of employees, including pension arrangements

4. End the remuneration packages of senior executives which reward short-termism and irresponsible risk taking.

5. Overhaul of the regulatory structures of the financial services sector to include trade union involvement in order to enhance the accountability of finance institutions.

For more information on this issue and Unite's view on the British government rescue package, please see information below: