New banking agreement cuts hours in Italy

The new settlement for around 270,000 bank workers in Italy will cut working hours and result in a real pay increase, according to figures produced by FISAC CGIL, one of the unions which has signed the deal.

The agreement, which runs for 39 months from 1 January 2023 until 31 March 2026, will cut weekly hours from 37.5 to 37 in July 2024 and includes four staged pay increases, in December 2023, September 2024, June 2025 and March 2026, worth a total of €435 a month for those on the benchmark grade, plus a lump sum to cover the period without an increase.

These payments, together with other payments linked to grade progression and service, amount, in the view of FISAC CGIL, to an 18.5% increase in pay compared to an expected 10.6% increase in prices.