Rabobank agrees Collective Labour Agreement for four years

Rabobank and the trade associations De Unie and CNV Vakmensen have reached agreement on a new Collective Labour Agreement. The new Collective Labour Agreement will become effective on 1 January 2017 and expire at the end of 2020. The Rabobank Collective Labour Agreement applies to 32,000 employees.

The Sociaal Plan was the main aspect in negotiations with the trade associations. The new Sociaal Plan provides for better guidance from work to work for employees who lose their jobs. Termination compensations will be gradually reduced from 2018 and will be related to the transition payment with effect from 2020. This has a legal basis in the Dutch Work and Security Act (Wet werk en zekerheid). The transition payment is intended on the one hand as compensation for redundancy and on the other to simplify employees’ transition to another job.

The following has been agreed with regard to remuneration:

  • In October 2017 and October 2018, all employees will receive a non-recurring payout of 1% of their annual salary.
  • With effect from 1 July 2019 and 1 July 2020, the fixed salaries and the minimums and the maximums of the salary scales will be increased by 1%.

Executive Board Chairman Wiebe Draijer: ‘It is good that we have reached clear agreements with the trade associations for four years. The new Sociaal Plan offers better incentives and support for employees who lose their jobs. After years of zero growth, we have found scope for a modest wage increase that both suits a socially-oriented cooperative bank and takes into account the remuneration level of the financial sector compared to other sectors. Rabobank seeks to be an attractive employer that facilitates employees’ personal growth and full development of their talents. I am consequently delighted that we are introducing a development budget that provides employees with additional opportunities for development and personal growth. We are furthermore making far-reaching changes to our approach to performance management. Our new performance management focuses on employees’ contribution, behaviour and personal development. This promotes a different culture and improvement of the bank.’

The trade organisations will submit this negotiation result to their members. The Collective Labour Agreement parties will determine by 24 October 2016 whether this negotiation result can be turned into a definitive agreement.

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