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Thousands of Spanish bank staff strike to demand pay rise, union says
Global Banking & Finance Review®
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MADRID (Reuters) – Around 60,000 banking employees across Spain went on strike on Friday to demand pay rises they see as justified after big lenders such as Santander booked record profits last year.
MADRID (Reuters) – Around 60,000 banking employees across Spain went on strike on Friday to demand pay rises they see as justified after big lenders such as Santander booked record profits last year.
Trade union CCOO said that 75.8% of the country’s roughly 80,000 banking staff were taking part in the strike.
The leading unions are now demanding a minimum pay rise of 13% over a three-year period from 2024, less than the 17% to 23% increase they previously called for.
Spanish banking association AEB has offered an accumulated 8.25% increase, according to CCOO.
The AEB said in a statement it regretted the strike and the inconvenience it may cause without providing any figures of participation in the action.
“We express our willingness to try to find the necessary meeting points that will allow us to reach an agreement in the next meetings (with unions),” it said.
Spanish banks agreed to raise employees’ wages by 4.5% in 2023 compared to 2022, but that only partially offset the loss of purchasing power caused by steep inflation.
While protests in the sector have in the past been mostly directed against staff cuts, attention is now turning to wages.
Banks’ recent profits have been buoyed by a rise in interest rates and more expensive mortgages, while keeping a lid on rates for savers.
(Reporting by Jesús Aguado; editing by Emma Pinedo and Mark Potter)
A trade union is an organization of workers that aims to protect their rights and interests, negotiate wages, and improve working conditions.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power.
A wage increase is a raise in the amount of money an employee is paid for their work, often due to inflation or increased productivity.
Profit in banking refers to the financial gain achieved by a bank after all expenses have been deducted from its revenues.
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