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The Santander pactes the exit of 1,100 employees including under 50 years

The entity reduces the initial number of layoffs by 30% and the unions say they will be voluntary casualties

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The Santander pactes the exit of 1,100 employees including under 50 years

Santander and unions CC OO, FITC, UGT and STS, which represent 85.54% of negotiating table, have signed an agreement this Tuesday by which y have closed record of regulation of employment (ERE) that will affect to 1,100 employees by means of preretirements and low Incentives. The objective is to slim down templates of central services in Spain after takeover of Popular Bank last June.

For trade union representatives It is a "balanced agreement" and recalls that with new Labour legislation, a company in benefits such as Santander can take measures such as "even without a union agreement."

The unions have noted in ir note that after agreement " initial proposal of Santander is very significantly reduced", which affected 1,585 people, 30.6% more than current pact. They also point out that "all extinctions must be carried out in way of voluntary and agreed conditions thus facilitate it through preretirements in its immense majority, for people over 55 years." There is also a package of conditions for collective between 50 and 54, which equals conditions of previous adjustment "that Santander did at its headquarters in Boadilla del Monte (Madrid).

The agreement includes, among or conditions, payment of 100% of special agreement of Social Security by Santander to all those affected since 50 years. To those who are between 54 and 50 years, Santander offers outputs with 80% of salary, as well as various bonuses depending on age of each worker.

Learn More
  • Santander offers exits with 80% of salary to workers over 50 years
  • The unions demand to reduce by 25% ERE of Santander in Popular
  • Santander proposes 1,580 exits agreed and 585 relocations for merger with Popular
  • Unions demand that re be no layoffs in Santander-Popular merger template cut
Offers for children under 50 years

The bank makes bids to children under 50 years: 40 days per year with a limit of 24 monthly payments plus 2,000 euros for every three-yearly completed in bank. In addition, it offers additional premiums for years of seniority "in case of voluntary affiliation". These premiums range from 4,000 euros for those who have been under five years, to 30,000 euros for those who have 25 or more years working in entity.

It is also envisaged relocation of 575 employees of central services of Popular in or companies of Santander group, mainly in area of technology, and coupling of or 100 workers in commercial network of both entities. For its part, 22 employees of Santander Spain will be relocated in or companies of group.

Thus, adding outputs and relocations, integration process will entail a downsizing of 25%, approximately, in central services of Santander and Popular after acquisition of latter at beginning of June at symbolic price of a Euro.

In addition, consultancy Lee Hecht Harrison, hired by Santander within framework of process, is committed to repositioning 80% of workers who leave entity and wish to continue working within 12 months, both in Spain and abroad , according to desire of interested.

For moment, commercial network of both entities is not affected under ERE, since its integration is not envisaged until year 2019, once technological integration has culminated.

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