Monday, November 26, 2012

SNS REAAL and trade unions FNV Finance, De Unie and CNV Dienstenbond reached agreement on a new collective employment agreement (CAO) and a new Social Plan on 21 November 2012.

SNS REAAL finds itself in extraordinary circumstances and is doing everything in its power to make the company healthy again. To this end, it is demanding a lot of energy, patience and faith from its stakeholders, including employees and managers. The situation in which the company finds itself calls for moderation in the growth of labour costs. In the coming years, parties will continue to cooperate constructively in shaping a new employment policy. This agreement is the first step towards terms and conditions of employment that befit SNS REAAL, the economic situation and the future SNS REAAL envisages. Follow-up steps will be prepared in the course of 2013 for incorporation in the next collective employment agreement process. Other than a new remuneration policy, one of the topics to be discussed in that process is a new pension scheme.

"A first important step towards future-proof terms and conditions of employment"

Ronald Latenstein, CEO of SNS REAAL

In an initial reaction, Ronald Latenstein, CEO of SNS REAAL, says he is supportive of the agreement that has been reached: "Given the circumstances we find ourselves in, as well as operating in a sector that needs to be reformed, it is important that we, as a company, are now taking a first important step towards future-proof terms and conditions of employment. Terms of employment that befit present-day circumstances and the position financial services providers have in society. In times like these, we demand a lot of our employees and it is good, therefore, that this agreement provides clarity on their terms of employment up to 1 January 2014."

Main points of the agreement:
  • CAO is effective from 1 June 2012 through 1 January 2014 (19 months)
  • There will be no CAO increase during this agreement period
  • A new remuneration policy will be drawn up during this CAO agreement period, which will come into force on 1 January 2014
  • It has been agreed that the current performance-related bonus and profit-sharing arrangements are abolished with effect from 1 January 2013
  • 2013 is a year of transition towards a new arrangement that will come into force on 1 January 2014
  • During the CAO agreement period a new pension scheme will be drawn up, which will come into force on 1 January 2014
  • Sustainable employment, including the participation of older employees, will be implemented in the organisation with more attention and increased visibility
  • The procedure for the use of external staff and flex workers will be tightened, centralised and aligned with activities that come under the heading of 'Employee retention'
  • The terms of employment of 'above CAO' staff will be adjusted in line with the CAO agreements. The variable remuneration in particular will (where applicable) be adjusted downward

For more information please contact

Corporate Communications

Chantal van den Berg

+31 (0)6 - 51 41 49 69

corporatecommunicatie@snsreaal.nl

Roland Kroes

+31 (0)6 - 83 24 50 14

corporatecommunicatie@snsreaal.nl

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