On July 1, 2013, the sectoral collective agreements signed after the OTOE (Bank Employees' Union) and Greek banks negotiated for 2.5 months, will be in force until December 2015. Considered as historical, this agreement protects jobs in a sector going through restructurings and mergers, and less and less banks in Greece. There are only 7 commercial banks in Greece today as opposed to 18 3 years ago. In return, pay will be slightly cut and working time adjusted. The agreement also removes the prospect of individual or company contracts currently in force in many sectors, including banking, which usually lead to pay cuts around 30 percent and no bonuses. (Ref. 130403)
Pay cut. The sectoral collective agreement provides for a 6 percent pay cut for all employees and a temporary interruption of an annual allowance (equal to one monthly salary). The basic starting salary of bank employees goes from €1,000 today down to €940, i.e. a €60 cut. Basic pay for managers and assistant managers will be, respectively, €1,559 and €1,355. After 8 years, they will amount to €1,684 and €1,464.
Bonuses (wedding, seniority…) are maintained but unions say they should be lower
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