Banco Santander and the unions have reached an agreement in principle in the ERE that have been negotiating for weeks to reduce the group's workforce by 3,572 people.

The financial entity has agreed in its final proposal to lower the age of 'early retirement' to 50 years of age, paying Social Security contributions to those affected through a special agreement up to 63 years.

However, these early retirements will be divided into different age groups.

Those between 58 and 61 years old will be paid 76% of the pensionable salary month by month, a figure that will be reduced to 74% for those between 55 and 57 years old.

For those between 50 and 54 years old, the bank will pay the contributions but the compensation will be made through a single payment and will be equivalent to 65% of six salaries, with a maximum of 320,000 euros.

All those affected or volunteers who join the plan with less than 50 years will receive compensation of

40 days per year

with a maximum of 24 months.

In the case of those over 62 years of age, the compensation will be 20 days per year and worked and a maximum of 12 monthly payments.

Voluntary adherence to the plan will be conditional on the approval of the company -which reserves 10% of refusals- since they do not exceed the provincial quota set by the group.

The cut of 3,572 people will be added to the outsourcing of another 1,100, who will be transferred to the Santander Operations group company, and 400 to Santander Personal.

The agreement also includes mobility premiums with a maximum distance of 100 kilometers for those affected by an office change and premiums of up to 30,000 euros for those under 54 years of age and voluntarily sign up for the ERE.

The unions accept the group's proposal as good, which they will now submit to their different governing bodies in the entities.

CCOO even speaks of "principle of agreement", while the UGT does not go that far but does recognize that there is a "positive assessment".

The final cut proposal comes just one day after the economic vice president,

Nadia Calviño

, spoke up to the sector for the sharp reduction in jobs in recent years and called on entities to look for "alternatives" to adjust their costs.

"We are satisfied because we have saved the employment of more than 1,500 people who are outside the ERE, in another company of the group. In addition, the conditions have been improved with respect to the ERE of 2019", explains

Ana Herranz,

general secretary of CCOO in Bank Santander.

According to the criteria of The Trust Project

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