In Vienna, on 29 March, Austria’s banking sector’s social partners fourth meeting came to a close with the partners managing to find a compromise over renewing the sector’s collective agreement that expired at the end of March. A 1.24% wage rise was negotiated for the 75,000 workers in the sector. Employers had no other choice than to accept union demands to establish a ‘labor foundation’ for the sector. Against a backdrop of comprehensive restructuring, the unions had, nonetheless held the setting up of the labor foundation, which serves as a legal framework for the upcoming social plans, as a precondition for any agreement to go ahead.
A labor foundation as a prerequisite. Austria’s banking sector is doing quite well. In 2015, the country’s banks made €3.7 billion in profits. Alongside this the 2008 Euro financial crisis triggered a comprehensive rationalization in the sector, including fewer agencies and 5,000 job losses out of a workforce that currently counts some 75,000.
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