Italy’s FABI union said on Tuesday that the country’s largest lender Intesa Sanpaolo (ISP) had agreed to offer another EUR 500 one-off payment to employees to help them cope with rising inflation.
The Italian bank had previously announced a EUR 500 one-time payment for staff, when it reported first-half results.
The two payments will benefit 70,000 employees in Italy, with the exception of people in executive roles, the lender said.
The contributions are expected to cost Intesa about EUR 87 million.
“At a tough time when price increases keep eroding spending power we renew efforts to be close to our people in a tangible way,” Intesa’s Chief Executive Officer Carlo Messina, was quoted as saying by Reuters.
At present, the Italian bank is in broad discussions with labor unions in relation with remote-working arrangements as well as the possible introduction of a four-day work week, which would help Intesa reduce energy expenses.
As of 9:11 GMT on Wednesday the shares of Intesa Sanpaolo SpA were retreating 0.49% (EUR 0.0105) to trade at EUR 2.1500 in Milan.
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