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Banco Santander reached an agreement with unions over the conditions for some 3,223 job cuts, 500 fewer than had originally been planned, as part of a restructuring of the Spanish banking group’s business, linked to the integration of Banco Popular, acquired in June 2017, as well as the closure of 1,100 branches. The Spanish bank’s leadership has committed to making sure all staff departures are on a voluntary basis and will make the services of an employment agency available to outgoing staff wanting to stay in work. For staff aged between 50 and 61, the company will continue to pay retirement contributions until they turn 63, meanwhile those aged over 55 may take early retirement. As for compensation, outgoing staff members aged 62 or above will be paid compensation equal to 20 days’ pay per year of service (double the legal compensation level) with an overall cap of one year’s pay. Those between the ages of 58 and 61 will receive up to 80% of their salary during their pre-retirement period, while those between 55 and 57 will be entitled to 75% of their salary. Employees aged from 50 to 54 may receive, in a single payment, 60% of six years’ salary (more specifically the portion of pay used as a basis for pensions, the salario pensionable), up to a maximum of €380,000. Workers in this age group will receive a voluntary departure bonus, as well as two additional bonuses: an age bonus of €15,000 and a seniority bonus, which could be as much as €30,000 for those who have worked for the bank for 15 years or more. Candidates for departure aged 49 or under, or with less than 15 years of service, will be entitled to supra-legal compensation of 40 days’ gross salary per year of service, capped at 24 monthly instalments, as well as a voluntary departure bonus of €2,000 and other seniority bonuses of up to €30,000. See a summary of the agreement from the CCOO, the majority union at the bank, here: http://xypl.mj.am/lnk/AM8AAEBpMjEAAcfzfEQAABrIFi0AAFykti0AGSkvAADM3QBdA7k1q0D8UBRfTCOy4f58vFzyNwAAzRU/1/C6QZDT1RCUudzUxsdom3fg/aHR0cHM6Ly93d3cuY2Nvby1zZXJ2aWNpb3MuZXMvYXJjaGl2b3Mvc2FudGFuZGVyLzIwMTkwNjEzJTIwNiUyMGVyZS4lMjBQcmluY2lwaW8lMjBkZSUyMGFjdWVyZG8ucGRm (in Spanish).
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