The banking trade union FIBA has calculated that in 2012 directors and CEOs of the major Italian banking and insurance groups have earned, on average, salaries about 42 times higher than the average wage prescribed in the respective national collective bargaining agreement, with peaks of 108 times. Together with the confederation CISL the trade union wants to introduce clear and enforceable rules. FIBA proposes a cap on fixed remuneration of €294,000 (equal to that of public managers) and a 1:1 ratio for the variable salary (as per EU directives) and therefore, the reduction of the average contractual relationship between figure and maximum pay to 1:20.
English: http://sindacale.wordpress.com/2013/07/
For more information, please contact the editor Jan Cremers, Amsterdam Institute for Advanced Labour Studies (AIAS) cbn-aias@uva.nl or the communications officer at the ETUI, Mariya Nikolova mnikolova@etui.org. For previous issues of the Collective bargaining newsletter please visit http://www.etui.org/E-Newsletters/Collective-bargaining-newsletter. You may find further information on the ETUI at www.etui.org, and on the AIAS at www.uva-aias.net.