Bank Austria Creditanstalt presents "Staff Service Regulations 2005"

  • New, modern “Staff Service Regulations 2005” will become applicable as of 1 April 2005
  • Less automatic increments, but significantly more bonus pay in future

The Management of Bank Austria Creditanstalt (BA-CA) yesterday presented the “Staff Service Regulations 2005” to the Supervisory Board. The Supervisory Board acknowledged the package and gave its approval. The Staff Service Regulations 2005 will come into force as of 1 April 2005. Although it proved impossible to find a joint solution with the Employees’ Council before the end of the negotiations, the Management essentially took its orientation from the joint target agreement of 15 December 2004.

BA-CA CEO Hampel: “The Staff Service Regulations 2005 mark an important step. They provide security for the bank and its jobs in Austria for the future.”

The principal points in detail:
1. The basis for the staff service regulations applicable to all employees of BA-CA is the collective agreement applicable to the commercial banks subsector.
2. Existing salaries will remain unchanged
3. The performance-related pay system will be expanded – plus 70 per cent more bonus in 2005.
4. Existing definitive employment contracts remain valid – but no new obligations to give tenure to long-standing employees
5. The standard weekly working time will be extended to 38 hours.

With the “Staff Service Regulations 2005” the Management has brought the traditional terms and conditions of BA-CA’s employees closer to normal industry standards.