Netherlands - ABN Amro bank quits bonus system - November 30, 2017

ABN Amro bank is planning to overhaul its current bonus structure for the 17,000 members of staff who are covered by the bank’s collective agreement. The move is being discussed between unions and the bank in the ongoing collective bargaining for 2018. Part of the talks is to initiate a complete new structure with neither performance assessments nor performance-related bonuses. The plans would cover all workers who are paid according to the collective agreement. Around 100 specialists, including traders and corporate bankers, will still be eligible for a bonus. Trade unions and the management are about to agree on a 9% pay increase to compensate the end of the bonus system.

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