Nearly 1,000 staff at Irish Life are about to get a pay increase and a lump sum of €1,500.

It comes after the members of the trade union Unite voted overwhelmingly in favour of accepting a recommendation by the Labour Court, which will see pay rise by between 2% and 7%.

Staff are also being compensated for the end of a profit-sharing scheme through the lump sum payment.

Unite said the deal would mean €5m would flow into the pockets of Irish Life workers - which would in turn boost the economy.

The pensions firm was sold to the Great-West Lifeco group of companies in 2013.