3.9% increase at Dutch bank

The 36,000 employees of AbnAmro, one of the biggest banks in the Netherlands, have agreed a 3.9% pay increase for this year. The settlement provides for greater pay variations in the future with extra payments for "competencies", adding up to 10% to the basic pay. New performance bonuses in some areas pay up to 15% extra (25% in higher grades). Weekly working time remains at 36 hours which in some circumstances can be worked as four nine-hour days and working time is reduced by two hours a week for those aged 58 and over, four hours a week for those over 60. There are also improvements in dependency leave, up to 13 weeks a years of which half, up to a maximum of four weeks, is paid. Inflation in the Netherlands is currently 2.1% (April).