The unionised staff work across a range of important areas, from security and personnel to legal and back office work, across sites including the main Bank in the City of London as well as the offices in Leeds and Essex.
Pay at the Bank of England is not subject to any public sector freezes, but the Bank does need to meet its budget and wants to show that, as a public sector body, it is keeping its finances in check.
Its total wage bill came to £271m in 2016, up from £253m in 2015.
The limited pay growth is matched at the top of the Bank. Mark Carney, the Governor, received a total of £879,485 in 2015-16 – the most recent available figures – which represented a fall of 0.3pc on the year.