MILAN (Reuters) – Italy’s biggest bank Intesa Sanpaolo has agreed with unions a further 500-euro ($513.45) one-off payment to help staff cope with soaring inflation, the sector’s largest union FABI said on Tuesday.
Intesa had announced with first half earnings a previous 500 euro one-time payment for its employees.
The contributions concern 70,000 workers in Italy excluding executives, Intesa said, adding that the two payments would cost the bank around 87 million euros.
Intesa is currently engaged in broad ranging discussions with unions over remote-working arrangements and the introduction of a four-day working week, to help the bank save on energy costs.
It said it had decided to approve the second 500-euro payment to staff before the end of these discussions because it could help workers cover home working costs taking advantage of tax breaks the government extended last week.
“At a tough time when price increases keep eroding spending power we renew efforts to be close to our people in a tangible way,” Chief Executive Carlo Messina said.
($1 = 0.9738 euro)