Spanish banks sign five-year deal

The Spanish banking employers’ association AEB, which covers many of the country’s largest banks, has reached a five-year settlement with unions – the two main union confederations, CCOO and UGT, plus the independent bank employees’ union, Fine.

The deal runs from 1 January 2019 to 31 December 2023 and includes a 0.25% increase for 2021, 1.0% in 2022 and 1.25% in 2023. Inflation in Spain is currently 0.5% (January). There is no increase in respect of 2020, but there is a 0.25% increase in rates, backdated to 1 January 2019.

There is also an extra 0.25% increase in 2022, 2023 and 2024, for the staff of banks which make a profit or pay dividends in the year concerned.