Income, employment, requalification and conversion solidarity fund for the support of banking sector personnel

This fund covers corporate crisis and restructuring within the banking sector.

The standard scheme aims to support temporary interruptions to employment and training. The extraordinary scheme aims to support redundant workers in restructuring; under this, workers with no more than five years to the pensionable age receive 70% of their gross wage until retirement age.

Employers' or employees' organisations
Established by collective bargaining.

Other
Managed by the National Social Security Institute (Inps). The standard scheme is funded via contributions from employers and employees. Funding for the extraordinary scheme is provided by companies going through the restructuring process.

Companies

Employees

Employer

Over the last 10 - 15 years, the fund was largely used to manage broad and numerous reorganisation plans announced by many Italian credit institutes.

Over the last 10-15 years, the fund provided support to employees of this sector who were affected by many reorganisation plans announced by Italian credit institutes. It was an effective tool in managing broad changes, including workforce reduction, in the Italian banking sector.

The fund was only used to support some measures, such as income support for redundant workers. Other measures, such as job security agreements, were rarely implemented.

Intesa San Paolo; Unicredit; Monte dei Paschi; UBI Banca.

www.abi.it

Regini M., Carpo S., Colombo A., Trentini M. ‘Institutional Innovation and Market Challenges: Changing Employment Relations in the Italian Banking Sector.’ In Regini M., Kitay J., Baethge M. (eds.) From Tellers to Sellers. Cambridge, MA and London, England: The MIT Press. 1999. Trentini M. Agreement signed on reducing labour costs and managing redundancies in banking. Dublin, Eurofound, 1998 (IT9803321F); Coletto, D. and Pedersini, R. National background paper Italy. Anticipating and managing restructuring in enterprises: 27 national seminars, ARENAS Report. Brussels, European Commission, 2009; www.abi.it.