The labour market in the Financial Industry (2004 Report)

Compensation and labour costs in the Italian & European banking sector

di: ABI

Bancaria Editrice
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This is the twelfth edition of the Annual Report on labour costs, salaries and some issues related to the European banking sector. In addition to the usual updating of figures and closer consideration of the national and international situation, the volume, using a set of international data - as well as information gathered directly by the authors from foreign banks and banking associations - examines the main features of the salary systems in force in the main European countries, as well as levels of labour costs and bank productivity. This Report has been realised by Giancarlo

Durante (head of project and co-ordinator), Luigi Prosperetti (scientific consultant) and a group established by the following offices of the Italian Banking Association: Wage Systems and Dynamics, Labour Legislation, Social and Tradeunions issues, Research and Analysis and Economic Evaluations.

1. Employment
"2. Recent changes in the italia n labour law: implementing the ""Biagi"" reform act and the social security reform act"
2.1 Foreword
2.2 National Multi-Industry Agreement of 13 November 2003 on Training-and-Work Contracts
2.3 National Multi-Industry Agreement of 22 February 2004 on New-Entry and Re-Entry Contracts
2.4 Negotiating a Multi-Industry Agreement on New Apprenticeship
2.5 Early comments on the implementation of the "Biagi Decree" in terms of multi-industry agreements
2.6 The revised Italian pension system .
2.7 The Solidarity Fund for Italian bank employees
3. Current trend of the supplemental pension system and the present state of the banking industry's solidarity fund
3.1 "Contract-based" pension funds for Italian bank employees
3.2 The background in the light of Italian legislation, experiences in the EU Member States, and Community Law
3.3 Major experiences in the EU Member States
4. Labour cost and external competition
4.1 Foreword
4.2 Staff costs per employee
4.3 Staff costs and productivity: Labour cost/gross income
4.4 The cost structure
4.5 Staff costs in proportion to operating costs
4.6 Cost structure and profitability
4.7 Regional banks
4.8 Conclusions
5. Labour cost and salaries for some job positions
5.1 Foreword
5.2 Non-managerial jobs
5.3 3rd and 4th level middle-management and senior' management jobs
5.4 Conclusions
6. Ongoing restructuring processes at major european banks: their impact on employment
6.1 Foreword
6.2 Cost savings
6.3 Changing the organisational structure. 6.4 Job cutting
6.5 Compensation
6.5.1 Negotiated pay
6.5.2 Compensation spreads
6.5.3 Variable compensation
6.6 Conclusions
Methodological appendix