Banco Português de Fomento and SGM sign first collective labor agreement

Approximately 600 employees of Banco Português de Fomento and the Sociedade de Garantia Mútua (SGM) are now covered by their first Collective Labor Agreement (ACT). The agreement was signed on Monday by the MAIS, SBN, and SBC unions.

Key provisions of the agreement include a reduction of the standard work week to 35 hours, consisting of seven-hour daily shifts. It also establishes a minimum of 25 vacation days and seniority payments every five years. Other benefits include birth, child, and study subsidies, as well as a meal allowance set at double the rate of the public sector.

Social benefits outlined in the pact include medical assistance through SAMS and preferential mortgage rates, with interest rates set at 65% of the European Central Bank’s minimum main refinancing operations rate. The agreement also addresses bereavement leave, attendance exemptions, and monthly compensation for working outside standard hours.