The agreement signed by Santander and the unions on 17 July provides for early retirement payments funded by the bank amounting to 74% of salary for employees aged 55 to 57, and 76% for those aged 58 and over. In addition, the bank will ensure that employees’ future pensions are not significantly reduced as a result of retiring early. To this end, Santander has committed to continuing the corresponding pension contributions until employees reach the age of 63½, with the possibility of extending contributions until age 64, thereby limiting the pension reduction applied to future retirement benefits to 5.5%.
As Madrid correspondent for mind RH since 2021, I cover news developments in Spain's world of work, focusing on legal developments and collective bargaining, particularly around work-life balance, equality and inclusion policies, which have been hot topics in the country in recent years.