Financial services group ING scraps bonuses for ordinary staff
Thursday 28 June 2012
Banking giant ING is scrapping bonuses for ordinary staff but they will get a 9.3% pay rise over three years in compensation, union officials confirmed on Thursday.
The new ING pay deal is 'a breakthrough in the financial world,' CNV union official Ike Wiersinga said.
The three-year deal will be back-dated to January 1 and covers 19,000 workers at ING and Westland Utrecht Bank.
Last year, ING was forced to scrap bonuses for CEO Jan Hommen and the other executive board members after a storm of criticism from MPs, unions and bank customers.
The critics were angry that pensions were being frozen for the second year in a row while the bank had not yet repaid its state bail-out.
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