Following the economic recession and the public sector budget cuts, the banking sector ‘social bonus’ has become increasingly important. In 2014 more than 80% of the main Italian banking groups concluded agreements with their unions that provide for converting some or all of the productivity bonus into ‘social expenses’. Social expenses can range from payments towards education costs, to car fuel bonuses, and on to increases in employers’ contributions towards supplementary life and medical insurance.
“Making place for welfare during collective negotiations is a forward thinking policy choice, because this responds to the government led cuts in social spending and it anticipates citizens’ needs. Collective negotiations can then take their place beyond the scope of existing government influence. As well in the current context of deflation, these tools allow people to maintain their purchasing power and hence maintain employee productivity,” explained Mauro Bossola, Assistant Secretary General
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