Banco Sabadell and workers' representatives reached an agreement on a collective redundancy plan affecting 1,800 employees (11% of the workforce). The agreement foresees that most of these redundancies will be through voluntary pre-retirement for employees over 55, and the rest through voluntary redundancies.
The agreement establishes a severance payment of 20% of annual salary for employees between 63 and 64 years old, and 10% for those older than 65. For employees between 56 and 63 years old, the company offers 75% of the annual salary, with a maximum of €300,000 euros. With regard to incentives to leave for people under 56 years old, the agreement establishes compensations of 35 days per year worked. According to CCOO union, the improvement in the economic conditions of the early retirements were key to reaching an agreement.