Spanish banks and the country’s two biggest unions on Tuesday reached an agreement to raise wages of employees in the sector by 4.5% in 2023 compared to 2022, the banking association AEB and the union CCOO said in a statement.
Banks and unions were trying to reach an agreement with the banking associations to offset the loss of purchasing power caused by steep rates of inflation.
Wages in the financial sector have been barely touched as staff costs remained subject to the 2021-23 labour agreement signed with the unions.
“The agreed improvement will mean an increase of 4.5% on the 2022 salaries, instead of the 1.25% that was initially foreseen,” the AEB said in a statement.
Most of Spain’s largest banks such as Santander (SAN.MC), BBVA (BBVA.MC), Sabadell (SABE.MC) and Bankinter (BKT.MC) are members of AEB.