Contents Foreword Management report Corporate governance
Consolidated Financial Statements
Company Financial Statements
Pillar 3
Fixed income
The position scales in the Rabobank CLA are based on the Hay
Group's system for evaluating jobs. The minimum and maximum
scales can be found in the Rabobank CLA. The median
remuneration for Rabobank employees in the Netherlands is
EUR 50,838, which gives a ratio in the Dutch banking sector of
1:19.3 between the median remuneration and the employee
with the highest earnings. Relative to 2015 the median
remuneration rose while the highest remuneration remained
unchanged. The reorganisation resulted in a reduction of
lower paid employees, leading to an increase of the median
remuneration.
Employee benefit budget
Employees receive an employee benefit budget which they
can use for certain employment benefits that enhance their
personal circumstances and preferences. The employee benefit
budget allows employees to buy extra leave, save for extra
pension, purchase a bicycle in a tax-efficient way or pay union
fees. The level of the employee benefit budget varies per
position scale and can be found in the Rabobank CLA.
Pension
The Rabobank CLA pension is a collective defined contribution
scheme. The maximum income for pension accrual for full-time
employees as of 1 January 2016 was EUR 96,000. Employees with
an income higher than EUR 96,000 receive a personal budget.
Fringe benefits
Employees are eligible for a package of fringe benefits, such as
a reimbursement for commuting, in line with market standards.
Benchmark
The remuneration for the CLA population is periodically
compared with the general market in the Netherlands in order
to follow developments and maintain a remuneration policy
that attracts and retains the right employees. In doing so, we
aim to take up a position on or just shy of the median for the
general market. The most recent benchmark was established
in 2015, with market comparisons showing a varied picture for
the different position scales. The remuneration for some scales
is around the median level in the general market, while higher
than the median for other scales. The remuneration for these
scales, in accordance with policy, has been moving towards the
median since 2012, partly as a result of the baseline applicable
since then and the most recent CLA effective until 2019.
Performance management
The uniform process of PM that applies throughout Rabobank
will be carried out for the last time in 2016. In 2017, a new
process will be kicked off: GROW!
New Rabobank CLA 2017-2020
The new Rabobank CLA, effective for 2017-2020, emphasises
the importance of encouraging professional growth and
employability. New arrangements have been made to provide
employees with conscientious guidance in the event that they
have been affected by our transition to becoming a leading
customer-focused and social bank.
Certain employment conditions have been amended in
different ways, all of which reinforce the middle course we have
set for the coming four years. The zero line that has applied
to employees subject to the CLA since 2012 will remain in
place until 2019. This means that a structural pay rise will only
become effective in 2019, with an adjustment of 1%; until then,
employees will receive a one-time payment of 1% in 2017
and 2018.
New Rabobank CLA and Redundancy Plan
As of 1 January 2017 the new Collective Labour Agreement (CLA)
of Rabobank will be in place.
The Redundancy Plan forms an integral part of the CLA. In the
years ahead, many Rabobank employees will lose their jobs.
For this reason, parties involved in the process towards the
new Rabobank CLA have prioritised agreements concerning
the new Redundancy Plan in their negotiations about the new
Rabobank CLA.
The core of the new plan will continue to focus on finding new
work for employees who are made redundant. Agreements
have also been made regarding a new severance payment
system which, in addition to income security, also gives
employees more control and better incentives to search for and
accept new work.
The Rabobank CLA also includes agreements regarding the
terms and conditions of employment for the next four years,
including a modest wage agreement, a new PM system (GROW!)
and a development budget.
The new Rabobank CLA 2017-2020 contains a balanced set of
agreements, and offers long-term clarity and prospects both
for employees who are made redundant, and for those who
continue to work for the bank.
112 Rabobank Annual Report 2016
