Achmea losses set to hit staff performance-related pay

Losses booked by insurance group Achmea may lead to lower performance-related pay for all staff falling under the standard pay and conditions agreement, the Financieele Dagblad reports on Monday.

The paper says it is the first time ordinary staff will have been hit financially because of the disappointing results. Some workers will lose up to €10,000 if the supervisory board agrees to the proposal at the end of April.
Union spokesman Karin Heynsdijk told the paper the unions had discussed the issue with Achmea in January and had been told there was no question of ordinary staff being affected. ‘Then, it was only workers not covered by the pay deal and risk takers who would be hit,’ she said.
No surprise
A company spokesman told the FD the unions should not be surprised because the decision ‘is part of the rules for a manageable remuneration policy’.
Most staff salaries are comprised of 20% of performance-related pay. The part of this which relates to division and group performance will be stopped. Achmea booked a net loss of €208m last year, due to a large number of one-offs.
The FD says ABN Amro is considering a similar move, as is SNS. And ING’s insurance arm also now includes a provision that performance-related pay will not be paid out if the division makes a loss.

Thank you for donating to

We could not provide the Dutch News service, and keep it free of charge, without the generous support of our readers. Your donations allow us to report on issues you tell us matter, and provide you with a summary of the most important Dutch news each day.

Make a donation