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Bankia SA Signs Labor Agreement With Union Representation

Friday, 8 Feb 2013 02:10pm EST 

Bankia SA announced that it has signed a labor agreement with the majority of union representation (CCOO, UGT, CACAM, SATE and CSIC, which together represents 97.86% of worker representation) on a series of collective dismissals, changing working conditions, functional and geographical mobility that are intended to help ensure the future viability and compliance with the requirements in the Strategic Plan of Recapitalization Plan and approved by the European Commission on November 28, 2012. This agreement provides that the following measures will be extended until December 31, 2015, such as collective dismissal of a maximum of 4,500 workers, with compensation variables by age of those affected, as well as changing working conditions of employees who remain in the state through measures of abolition or reduction of fixed remuneration conditions, variable remuneration, pension plan contributions, benefits and advocacy risks. 

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0.076 +5.49%
24 Jul 2014