Banco Santander reaches pre‑retirement deal for Spanish staff, up to 95% pension

Banco Santander and Spanish trade unions, led by CCOO and joined by UGT, FITC, STS, CIG and ELA, signed a collective agreement that allows voluntary early retirement for employees aged 55 and older. The plan, effective until the end of 2028, lets participants receive up to 95% of their pension, with a payout of 74% of salary for ages 55‑57 and 76% for those 58 and above. Santander will cover the cost of the scheme up to age 64, reducing the pension reduction coefficient from 21% to 5.5% and lowering the early‑retirement period from 1.5 years to one year.

The agreement estimates that around 3,000 workers may leave under the scheme in the short term, with up to 5,000 employees eligible overall. Union leaders expect roughly 800‑1,000 exits per year, based on previous annual pre‑retirements of about 800. The deal does not set a target for workforce reductions and maintains existing benefits such as collective life insurance and a €1,000 annual pension‑plan contribution. Formal signing is expected early next week after the provisional approval by 86.34% of union representatives.