‘Banks do not have to give bonuses’

Dutch banks and insurance companies do not have to give bonuses to staff over 2008 because of a high court ruling, law professor Ferdinand Grapperhaus says in Wednesday’s Volkskrant.

Grapperhaus says that last year the High Court ruled that companies which are faced with special circumstances can break open pay contracts.
At the beginning of this month it emerged that ING is paying out €300m in bonuses, on top of bonuses agreed in the company’s pay deal.
ING has received some €40bn in government support because of the economic crisis.

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