[Spain] Thousands of bank staff strike over pay

On March 22 in Spain, thousands of banking employees across the country went on strike to demand better pay, Reuters reports.

The workers believe the protest action is justified by big lenders such as Santander recording record profits in 2023.

Trade union CCOO announced that 75.8 per cent of the country's roughly 80,000 banking staff were taking part in the strike. Spanish banking association AEB said a quarter of employees participated.

Now the country’s leading unions are reportedly demanding a minimum pay rise of 13 per cent over three years from 2024, below the 17 per cent to 23 per cent increase they previously called for.

According to CCOO, AEB has offered an accumulated 8.25 per cent increase.

In a statement, The AEB said it regretted the strike and the inconvenience it may cause.

"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 per cent in 2023 compared to 2022. However, the uplift only partially offset the loss of purchasing power caused by steep inflation.

Protests in the sector were primarily directed against staff cuts in the past but now attention is turning to wages.

Banks' profits have been boosted by a rise in interest rates and more expensive mortgages while rates for savers have stayed unchanged.

Source: Reuters

(Quote via original reporting)

On March 22 in Spain, thousands of banking employees across the country went on strike to demand better pay, Reuters reports.

The workers believe the protest action is justified by big lenders such as Santander recording record profits in 2023.

Trade union CCOO announced that 75.8 per cent of the country's roughly 80,000 banking staff were taking part in the strike. Spanish banking association AEB said a quarter of employees participated.

Now the country’s leading unions are reportedly demanding a minimum pay rise of 13 per cent over three years from 2024, below the 17 per cent to 23 per cent increase they previously called for.

According to CCOO, AEB has offered an accumulated 8.25 per cent increase.

In a statement, The AEB said it regretted the strike and the inconvenience it may cause.

"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 per cent in 2023 compared to 2022. However, the uplift only partially offset the loss of purchasing power caused by steep inflation.

Protests in the sector were primarily directed against staff cuts in the past but now attention is turning to wages.

Banks' profits have been boosted by a rise in interest rates and more expensive mortgages while rates for savers have stayed unchanged.

Source: Reuters

(Quote via original reporting)