Banco Sabadell has announced plans to apply a 600 euro minimum wage increase in 2023 for all staff, regardless of whether they benefit from the salary supplement. The decision aligns with the 4.5% wage increase for 2023 that was negotiated between the CCOO and UGT unions and the bank employers’ association, within the framework of the current banking sector agreement. AEB had previously foreseen a 1.25% revision for the following year. The spike in inflation was cited as the trigger for this exceptional adjustment, aiming to support workers as purchasing power came under pressure.
The CCOO noted that although Sabadell’s management did not introduce additional compensation beyond the salary review, the bank’s decision to fully cover the salary adjustment sets a positive precedent. The statement emphasizes that Sabadell took into account the bank’s particularities and chose a path that ensures 100% coverage of the agreed wage review, signaling a strong stance on rewarding staff during inflationary times.
The discussion points to the AEB’s request to relevant parties, indicating that Sabadell did not apply a compensation and absorption mechanism to the workforce that already receives these supplements under the banking contract. In this context, the agreement is designed to compensate and absorb improvements realized by staff through other contracts or mandatory regulations that arise from unilateral corporate decisions, thereby safeguarding the real value of wages for employees who would otherwise see gains absorbed by the wider economic framework.
Other advantages
The statement from the unions also highlighted that the 600 euro increase would be activated from February, with no obligation for the company to deploy discretionary internal compensation systems to deliver additional rewards beyond this base adjustment. This clarification underscores that the core raise is intended to stand as a minimum enhancement rather than a blanket incentive program that could be diluted by separate internal schemes.
Moreover, the unions pressed Sabadell to confirm whether the 2023 collection rates correspond to staff remunerations, including RAE and BAI payout percentages, and whether these figures are subject to absorption or compensation. The unions described the extra pay as tied to the development of balance sheets, profits, and dividends within the banks, as established by the sector’s collective bargaining framework. This interpretation helps explain how the wage measures interact with broader financial performance signals used to shape compensation in the sector.
BBVA will collect a minimum of 1,000 Euros
Following Sabadell, BBVA announced a minimum annual wage increase of 1,000 euros, as reported by the CCOO to Europa Press. The move strengthens expectations across the sector that wage reviews will be applied consistently to support employees in the face of inflation. Meanwhile, Santander is slated to apply the acceptance and compensation clause to its entire workforce, subject to the terms already negotiated in the collective agreement. This pattern illustrates a growing emphasis across major banks on delivering tangible increases to staff during periods of rising prices.
Bankinter’s union has stated that it anticipated a decision or a formal labor relations discussion, signaling ongoing negotiations and a desire for clarity on how the wage measures will be enacted. The broader industry response reflects a trend toward enhancing remuneration packages as part of broader labor relations strategies, particularly when inflation erodes real wages and government policies lag behind market conditions.
Overall, industry observers note that these wage adjustments are shaped by the balance between preserving worker purchasing power and maintaining competitive compensation structures within the banking sector. The discussions emphasize that wage policy in 2023 and beyond is likely to hinge on the interaction between collective bargaining outcomes, inflation dynamics, and the banks’ ability to absorb costs without compromising profitability. As the sector navigates these pressures, stakeholders will be watching how these policy choices translate into employee morale, retention, and the broader financial performance of these institutions. [CCOO] [Europa Press] [AEB] [Santander press materials] [Banking sector agreements]