The major trade unions in the banking sector, including UGT, CCOO, and FINE, have reached a preliminary agreement with employers to raise salaries by between 11.4% and 13.4% over the period through 2026. This year, salaries will rise by 4.25%, a figure higher than the current inflation rate, which stood at 3.4% year over year in June. In 2025, the increase will be 4%, followed by 2.75% in 2026. If the accumulated inflation over those three years exceeds the agreed increases, adjustments could be made up to a maximum of 13%.
The unions have managed to secure a preliminary deal with the Spanish Banking Association (AEB) amid a context of record sector profits, where the largest institutions are earning more than they did before the housing market bubble burst. Bank of Spain records show that in 2023 the banking sector earned 30.954 billion euros in profits, a 29.7% rise from the previous year. These figures illustrate a sector performing strongly despite broader economic fluctuations, and they frame the wage discussions as a response to sustained profitability and productivity gains.
After months of negotiations and mobilizations, the employers and the unions have agreed on a pre-agreement that will be finalized and sealed in September, according to statements from the federations on Tuesday. The unions note that the salary increases will benefit approximately 71,000 employees. The agreement also includes additional provisions, such as one extra vacation day for each year of the agreement’s term, underscoring a broader package of improvements beyond base salary.
The unions also announced that service years, or triennial increments, will rise by 6.11% during the life of the agreement, for both long-tenured staff and specialists. Other salary components, including the transitional bonus and the functional versatility allowance, will be indexed to the same schedule as the full collective bargaining tables, with total increases potentially reaching up to 13.4% in line with the trajectory of inflation.
The central labor bodies have managed to secure wage increases in the banking sector that are notably higher than those seen in other collective agreements. The latest data from the Ministry of Labor indicate an average salary rise of 3% for the current year, which is about 1.25 percentage points below the gains achieved in the banking sector pre-agreement. This differential highlights how sector profitability and workforce bargaining power have aligned to deliver more substantial gains for bank employees compared with other industries.