Reported by Link Securities
Banco Santander (SAN) began negotiations on Tuesday with trade unions over an early retirement scheme in Spain that would establish a collective framework with standardised conditions for all departures, according to a report in the newspaper *Expansión* on Wednesday.
This is the first early retirement scheme launched by the bank in more than 20 years, excluding agreements included in redundancy plans (ERE) such as that of Banco Popular. Until now, Banco Santander has negotiated early retirement arrangements on an individual basis with those concerned.
The newspaper notes that the scheme, which is being rolled out at a time when Artificial Intelligence (AI) is making inroads, could affect between 2,000 and 3,000 employees in Spain, and that the age limit could be set at 57 or 58, with a three-year enrolment period. Currently, 25 per cent of Banco Santander’s entire workforce in Spain is over 55 years old.
In light of this news, Norbolsa’s analysis team notes in its daily report that the sector is seeking to improve efficiency and adapt its structures, whilst expectations are growing that AI will reduce some traditional jobs and increase demand for tech-related roles.
