After four months of negotiations between the majority of trade union representation at Caixabank and the bank’s leadership over a redundancy plan (Expediente de Regulación de Empleo, ERE), an agreement was reached on 8th May. The plan will involve the departure of some 2,023 people and the closure of around 800 premises across Spain. However, the largest trade union at Caixabank, the CCOO, refused to back the agreement, which was ratified by the UGT, SECB, SIB, FEC and CIC unions. The CCOO declined to support the deal in the belief that the conditions agreed as regards movement of staff could be improved upon. Caixabank’s leadership has informed the financial regulator in Madrid that it plans to fork out around 890 million euros to fund the exit of 2,023 people, meaning an average cost of 440,000 euros per departure.
Main features of the agreement. Under the terms of the deal, around 1,200 employees will leave the Spanish bank between June and December of this year, while a further 800 will depart in phases by 2020. All departures will be voluntary in nature. Employees over the age of 54 (born in 1965 or before) who put themselves forward for departure, will receive gross compensation equal to 57% of their gross annual salary up to the age of 63, the age at which early retirement is possible. They will be a
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