The French Banking Federation (AFB) and all the trade union organizations in the sector have just reached an agreement.
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The discussions were long and tense, but the result is here. The agreement concerns an increase in the social minimum wage in the industry to 5% above the minimum wage. It also includes an update clause in case the government reassesses the minimum wage in the coming months. From Monday, August 1, 2022, the industry minimum wage of the companies affiliated with the AFB – all commercial banks, with the exception of mutual companies – will be raised to the level of the minimum wage plus 5%, i.e. EUR 21,155 gross per year. A measure that has symbolic value in the face of high inflation: 5% increase in low wages, while today in France, according to INSEE, the rise in prices has reached 5.8%.
Ultimately, only a few employees are affected: 300 of the approximately 187,000 jobs represented by the banks associated in the AFB. This can be explained by the fact that the ratings at the lower end of the scale are almost no longer used. Thanks to the agreement that has just been sealed, from now on no employee can be paid below the minimum wage plus 5%. This paves the way for further growth in the affected banking institutions, which posted a result of 20 billion euros for the entire past year.
The outcome of the discussions over the last few weeks is just the beginning. The unions that won the lowest-wage case want to apply the test to all tariffs. FO and CFDT on the front lines await the month of September to resume negotiations. Discussions have already started in various banking networks, including mutualists. At Crédit Mutuel Alliance Fédérale, for example, employees just achieved an increase of just over 2%. Otherwise until autumn.