A historic milestone with the signing of the new Collective Bargaining Agreement at Piraeus Bank, following two months of negotiations.

At a time when the debate over the cost of living and wages in Greece and across Europe dominates the news, Piraeus Bank is taking a truly impressive step that changes the landscape for its employees and sets a high standard for the entire private sector.

The signing of the new Company Collective Bargaining Agreement, following two months of negotiations, marks a historic development. Four of the bank’s main employee unions, namely SETP, SETAP, ESETP, and SYTP-ETBA, managed to reach an agreement with management, by signing a document that introduces radical changes and far surpasses anything we have seen in the banking sector over the past fifteen years.

The most striking element of this agreement is undoubtedly the establishment of a minimum minimum wage of 1,700 euros for all bank employees, a provision that will take effect on February 1, 2027. This figure alone demonstrates a clear intention to improve employees’ standard of living, but the agreement does not stop there.

It provides for real, net wage increases that will total 305 euros over a three-year period, from 2027 to 2029.

These increases will be implemented gradually at the beginning of each year through an increase in the operational allowance, starting with 110 euros in 2027, adding 60 euros in 2028 and concluding with an additional 85 euros in 2029.

Most importantly, these amounts will not be offset against future raises or other voluntary benefits, ensuring that this specific support will reach employees’ pockets in full.

At the same time, the agreement addresses the immediate future by offering a benefits package worth 660 euros this year.

Specifically, starting July 1, 2026, just a few days from now, employees up to the senior manager level will receive a prepaid Sklavenitis card worth 250 euros, while directors will receive 100 euros.

In addition, in September 2026 , a one-time contribution of 210 euros will be paid into the Occupational Insurance Fund for those with earnings up to 5,000 euros, while in November of the same year, Piraeus Bank shares worth 200 euros will be distributed to every employee below the director level.

Another notable part of the agreement concerns the new operational responsibility allowances, which will benefit employees in both the branch network and at headquarters. Branch managers at the stores and senior managers at headquarters will see an additional 80 euros deposited into their accounts, while a 70-euro bonus is planned for various other job roles.

The bank’s management has also demonstrated responsiveness to critical social issues, such as the low birth rate and family support. The allowance for families with three or more children is increasing by 50 euros and will amount to 150 euros per child until they complete their studies or reach the age of 25. Even more impressive is the increase in the one-time grant for the birth of a third child or more, which jumps by 3,000 euros, now totaling 5,000 euros.

At the same time, the widow’s allowance is also being increased by 30 euros, bringing it to 100 euros.

Finally, this new agreement clearly looks toward the future of work, as it includes a particularly important provision regarding Artificial Intelligence, while also codifying the Special Collective Bargaining Agreement on Telework.
With Piraeus Bank’s management accepting all of the unions’ arguments, this agreement is not merely an internal success, but a forward-looking move that shifts the balance in the banking sector and sends a strong message about how work should be rewarded in the modern era.

Niki Kerameos: The labor market is changing

The Minister of Labor, Niki Kerameos, notes in “Manifesto”: The labor market is changing following the National Social Agreement on Collective Bargaining Agreements which we agreed upon last November with representatives of workers and employers. In February, the National Social Agreement became law. And immediately afterward, new Collective Bargaining Agreements began to be signed: in the restaurant and tourism sectors, in the bakery and pastry sector, and now for every bank employee, with a new minimum wage of 1,700 euros under the latest collective bargaining agreement. Many new collective bargaining agreements leading to higher wages and better working conditions for hundreds of thousands of workers.