Banco Santander and labour unions have reached an early retirement agreement covering roughly 25 percent of its Spanish workforce, or about 5,000 employees aged 55 and over, who will be able to receive up to 95 percent of their pension upon voluntary departure.
Under the deal, valid through the end of 2028, workers aged 55 to 57 will receive 74 percent of their salary, rising to 76 percent for those 58 and older. The bank will cover a special social security agreement until age 63 and six months, with annual revaluations capped at 4 percent, and maintain life insurance and €1,000 yearly pension contributions. Unions estimate between 2,500 and 3,000 employees will leave over the next two and a half years. A control commission will oversee compliance.
The agreement is backed by CCOO, UGT, and several smaller unions, while CGT will decide in September. The bank rejected lowering the eligibility threshold to 50. Final signing is expected early next week.