Santander Bank in Spain has applied the scissors to the agreement adopted this week by the AEB with the trade unions to compensate employees for the rise in inflation.
The increase agreed in wage tables is a historic 4.5% for more than 90,600 employees. It is one of the best agreements reached by the unions because it implies the reopening of an agreement that was already signed.
However, 60% of Santander’s staff will not be able to take advantage of it.
The bank has communicated that it will apply the so-called compensation and absorption clause, included in the Workers’ Statute and in the Banking Agreement.
This clause allows to compensate for any increase in base salary by reducing by the same percentage the voluntary personal allowances that are included in many pay slips. More than 60% of Santander employees have these allowances, because meritocratic pay rises usually go this way. Trade union sources put the 60% figure at 75%.
From Expansión.com
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