Spain’s banks and the country’s two biggest unions on Tuesday reached an agreement to raise wages in the sector by 4.5% in 2023 compared to 2022, the banking association AEB and the CCOO union said in a statement.
Banks and unions tried to reach an agreement with banking associations to compensate for the loss of purchasing power caused by the sharp inflation.
Wages in the financial sector are largely unaffected as staff costs remain dependent on the 2021-2023 labor agreement signed with unions.
“The agreed improvement will mean a 4.5% increase in wages for 2022 instead of the 1.25% originally envisaged,” the AEB said in a statement.
Most of Spain’s biggest banks, such as Santander ( SAN.MC ), BBVA ( BBVA.MC ), Sabadell ( SABE.MC ) and Bankinter ( BKT.MC ), are members of the AEB.
