MADRID – Spanish banks and unions on Tuesday reached an agreement to raise employees’ wages in the sector by 11% over the coming three years, the banking association AEB said in a statement.
The agreement follows a series of strikes in March by banking employees who demanded pay rises they consider justified after big lenders like Santander reported record profits last year.
The salary increase applicable this year will be 4.25%, 4.0% in 2025, and 2.75% in 2026, the association said.
Most of Spain’s largest banks such as Santander (NYSE: SAN), Banco Bilbao (NYSE: BBVA), Sabadell, and Bankinter are members of the AEB.
Wages in the financial sector remained virtually unchanged in 2021-23 under a labor agreement signed with the unions.
While protests in the sector had in the past been mostly directed against staff cuts, attention has lately turned to wages.
(Source: ReutersReuters)
