Spanish banks, unions agree on 11% wage increase over three years

Spanish banks and unions on Tuesday reached an agreement to raise wages of employees in the sector by 11% over the coming three years, banking association AEB said in a statement.

The agreement follows a series of strikes in March by banking employees that demanded pay rises they see as justified after big lenders such as Santander (SAN.MC), opens new tab booked record profits last year.

The salary increase applicable this year will be 4.25%, 4.0% in 2025 and 2.75% in 2026, the association said.

Source: REUTER