The unions agree with Sabadell the cut of 1,800 people, with early retirement at 56 years

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The main unions of Banc Sabadell have accepted the offer of the bank’s management to reduce the workforce by 1,800 people, so that both parties will sign the agreement next week, union sources have informed Efe, who have recalled that the agreement includes early retirement from age 56 and is based on voluntary departures.

Yesterday the bank improved the conditions for both early retirement and incentivized terminations in Spain and CCOO, the bank’s first union, already said that it planned to advance “towards a satisfactory agreement”, a position that it has ratified today, as has UGT.

Employees aged 56 or over who take early retirement will receive 75% of their salary until they are 63 years old, and then they would benefit from a special agreement with Social Security with an annual update of 1%. In this way, the maximum amount per employee would be 300,000 euros for those born in 1962, 1963 and 1964, and 280,000 euros for the rest.

Regarding early retirements, those aged 63 and 64 will receive 20% of their annual salary as a supplement, and those aged 65 and over will receive 10%. As for incentivized leave, it has been agreed to pay 35 days per year worked with a maximum of two annuities.

Adherence criteria will be governed by age, with preference for people with more than 40 years of seniority in the company, and priority will be given to early retirement and early retirement over incentive leave.

The bank also undertakes to assess functional mobility wherever there is excess demand and eliminates the provincial fee for all corporate centers, counting as a single center. Union sources have assured Efe that they believe that the 1,800 casualties will be largely covered by early retirement, and even more so after the failure of the integration negotiations between BBVA and Sabadell.

Yesterday, CCOO highlighted that the proposed conditions guarantee that there will be no forced dismissals and opens the possibility that “a significant number of people can leave the bank with conditions far superior to those that have been offered up to now.” The outflows, which are scheduled for the first quarter of 2021, will be financed with the sale of a fixed-income portfolio this year.

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