CGD increases salary scale by 76 euros for all levels

CGD announced that it had agreed with the Union of Workers of Group Companies (STEC) to revise the salary scale, with an increase of 76 euros for all levels, and the pecuniary expression clauses referring to 2023.

“The processing will be carried out together with the salary for the month of March”, advances Caixa Geral de Depósitos (CGD) in a released statement.

As for the pecuniary expression clauses, the institution reveals that “most items have an increase of 5%”, including seniority payments, child subsidy and study subsidy, but that a “significantly higher” increase will be applied to meal subsidies ( 9.36%), birth support (12.5%) and student worker (7.58%).

The agreement also provides for a maximum value of housing credit, which increases by 8.7%, which CGD says translates a “reinforcement of the bank’s commitment” to the birth rate, employee qualifications and access to housing, as well as ” support for employees in the current situation”.

CGD says that the conclusion of the agreement with the union, within the scope of the Company Agreement in force, represents the sixth year in agreement with the unions, and the “first national credit institution to revise” the salary table for 2023.

“The conclusion of the revision of the tables and clauses of pecuniary value reached is yet another distinctive element in the package of remuneration conditions for Caixa’s employees”, he says, also recalling the increase in variable remuneration this year, following the transfer of Pension Fund for Caixa Geral de Aposentação (CGA).

At the press conference for the presentation of the 2022 accounts, earlier this month, CGD’s executive chairman, Paulo Macedo, announced that he would pay March salaries with a 4% increase if he did not reach an agreement with unions soon.

Paulo Macedo revealed, at the time, that CGD’s proposal presented in the salary negotiations was higher than 4%, but without indicating the concrete value.

Even without an agreement with the unions, Santander, BPI and Novo Banco, since January, are paying salary increases of 4%, the same increase practiced by Crédito Agrícola since March with retroactive effects to January, salary updates decided unilaterally by the banks, which is below the demanded by the unions.

CGD’s profits in 2022 amounted to 843 million euros, 44.5% more than in 2021, having paid the sole shareholder, the State, the “biggest dividend in the history” of the bank, in the amount of 352 million euros.