This Portuguese bank will give a 177 euro raise to its workers


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Workers from Caixa Agrícola de Torres Vedras will receive this month a supplement with the monthly value of 177.55 euros, effective January 1. More Union speaks in rare example of good practice.

Caixa de Crédito Agrícola Mútuo de Torres Vedras will attribute this month, and with effect from January 1, 2023, a complement with a fixed monthly value of 177.55 euros to its workers, about one hundred, which corresponds to a salary increase of 6.3%.

The banking entity attributed this increase as “recognition of the dedication and work that employees have dedicated to this agricultural box”, as well as the “commitment” of workers with the institution, according to the administration of the agricultural box torrense, cited in a statement from Mais Sindicato, which applauds the measure. “It is an example of good practice, rare in the banking sector,” the union points out.

“Management values its team and believes that fair and adequate compensation is a crucial ingredient for the success of our box,” adds the management of Caixa de Torres Vedras, one of five regional boxes that are not part of the Integrated System of Mutual Agricultural Credit (SICAM).

According to the Mais Sindicato, led by António Fonseca, a memorandum of understanding was signed in which the Torrense cashier committed to sign the revision of the Collective Labor Agreement for Mutual Agricultural Credit Institutions, “as soon as the process is completed.

“At that time, the pay scales and clauses will be updated with the increase resulting from the review, effective on the same date. In light of this update, the supplement of 177.55 euros will be reduced by this increase for the worker’s respective salary level,” explains the union, stressing that, however, “the value of the supplement, after the deduction of the salary revision, is maintained for life and cannot be subject to absorption.

This increase compares with salary increases of 4% promoted by the main banks in Portugal, including BPI, Santander, Novobanco and Crédito Agrícola, while Caixa Geral de Depósitos (CGD) approved in March a 76 euro increase for all levels. At BCP the increase was 3%. Increases that went beyond the demands of the unions in view of the rising cost of living.

At Parvalorem and Imofundos, the unions and management of the two entities are awaiting authorization from the government to process the 6.1% salary increase for workers, on a par with the rest of the Civil Service, according to Mais Sindicato in a separate statement.

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