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STEC Union rejects new proposal for a 3.59% increase in CGD
The Union of Workers of CGD Group Companies (STEC) rejected the new proposal for a 3.59% average weighted salary increase made by CGD, considering that the public bank persists in making "derisory updates to its counter-proposals".
© Reuters
Economia CGD
In a statement released today, the most representative union of Caixa Geral de Depósitos (CGD) workers said that there was another round of negotiations for the 2024 salary increases and that this meeting showed that the "administration persists in perpetuating this negotiation process through minimal and derisory updates of its counterproposals".
In the meeting, says STEC, CGD proposed a 3.2% increase (0.075 percentage points above the previous proposal of 3.125%) with a minimum increase of 60 euros (above the previous 55 euros), which translates into a weighted average of 3.59%.
STEC rejects this proposal and says it expects that in the next meeting, on June 7, CGD will present a "worthy and serious negotiation proposal".
STEC's latest proposal is for salary increases of 4.9% with a minimum increase of 100 euros, considering it "perfectly affordable and sustainable for the company".
"At CGD, there are contrasting realities. On the one hand, the company presents exceptional profits, year after year, higher than all other banks operating in Portugal, as was the case in the first quarter of 2024, when an impressive 395 million euros were reached, and, on the other hand, those primarily responsible for the company's results -- its workers -- continue to be heavily penalized in their income", says STEC.
The union adds that "this administration [of CGD] has princely remunerations".
STEC once again refers to the loss of purchasing power of CGD workers, saying that, from 2010 to 2023, "they suffered a brutal loss of purchasing power in their net remuneration between 11.4% and 22.1%" and cites data from the National Institute of Statistics (INE) according to which in the first quarter of this year there was a real fall in salaries in the banking and financial sector of 0.2%.
Read Also: CGD available to finance projects related to Lisbon airport (Portuguese version)
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