FRANKFURT, Jan 20 (Reuters) – Spain’s Santander (SAN.MC) is the one main financial institution working in Germany that has not introduced a particular cost to native employees to assist them with hovering inflation, union officers advised Reuters, though the financial institution stated talks have been ongoing.
Final 12 months, German union Verdi referred to as on banks to offer a few of their lowest-earning staff a particular cost to assist them fight increased power costs. It demanded 1,500 euros ($1,623) for 2022 and the identical for 2023, prompting many banks to pay up.
Inflation in Europe’s largest economic system was 8.7% in 2022, boosted by an power crunch, supply-chain shortages and the struggle in Ukraine.
Santander, based mostly in Madrid, has 4,300 employees in Germany, with round 1,000 working in branches.
“Santander is the large exception amongst private and non-private banks,” stated Stefan Wittmann, a Verdi official negotiating on behalf of Santander staff.
“It’s the solely appreciable participant that’s holding out.”
On Friday, Santander and union officers agreed to take up the problem at a gathering subsequent week, however Santander hasn’t made a binding provide, Wittmann stated.
Santander stated it was in talks with Verdi on amending its collective wage settlement, and the inflation calls for got here up in talks late final 12 months.
The financial institution “want to provide a uniform company-wide answer within the close to future,” it stated, including it was “assured” of reaching a conclusion quickly.
Santander delivered an 11% rise in quarterly internet revenue within the third quarter, beating analysts’ forecasts.
Banks in Spain, together with Santander, and the nation’s two largest unions have agreed to boost wages of staff within the sector by 4.5% in 2023 in comparison with 2022, although in Santander’s case it’s unclear whether or not all employees would get the rise.
($1 = 0.9245 euros)
Reporting by Tom Sims and Marta Orosz
Extra reporting by Jesús Aguado in Madrid;
Enhancing by Mark Potter
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