UniCredit, an Italian banking group, reached an agreement with that country’s major labor unions on a package of job cuts and benefits following its Team 23 strategic restructuring announcement to move its operations to accelerate digital transformation.
The bank will offer voluntary retirement to 5,200 full-time employees, while 800 workers will be requalified and retrained for new professional roles.
UniCredit has committed to hiring 2,600 people over the next four years to ensure what it calls a more positive generational turnover and digital upskilling of the workforce. The banking group will also convert 900 apprenticeships into standard employment contracts in order to increase job security.
The company will also invest in new client contact and back office centers in Sicilia and Campania in Southern Italy.
The agreement calls for enhanced benefits, including a 10-day paid paternity leave and increased meal vouchers for all employees.
The company will increase its Pension Fund contribution to 4% for new apprenticeships over the first three years of employment. The bank also agreed to an annual productivity bonus of 1,430 euros or 880 euros in cash, with an average increase of 10% per year.
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