Thursday

28th Mar 2024

ECB staff to strike next week

  • Many ECB staff are unhappy with plans that would increase their pension contributions (Photo: EUobserver)

Employees of the European Central Bank are planning several hours of protest next Wednesday (3 June) in response to a planned increase in staff pension contributions and a perceived "democratic deficit" at the heart of the euro area's central bank.

The International and European Public Services Organisation (Ipso) that represents roughly one third of the bank's 1500 employees sent a letter to ECB's 22-man executive board last week informing it of the union's intentions.

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"The strike action is not intended to impair the ECB's operational capability but serve as a public communication device to raise awareness about the democratic deficit at the ECB," the letter says.

"Such action would be in addition to the likely court case," it adds.

The move is unprecedented in the central bank's history.

No Ipso spokesperson was immediately available to comment on the strike, which will coincide with a meeting of the Frankfurt-based institution's executive board.

Union concerns

As well as the increased pension contributions, Ipso is unhappy with proposals to reduce benefits and incentives to leave before the normal retirement age of 65.

The central point of concern is the perceived failure of the ECB management to engage in meaningful discussions with the union over the planned changes.

"The ECB has been able to implement more or less what it wanted to do, which is out of step for a modern European institution," Ipso's president, Adrian Petty, told the Financial Times.

The ECB countered that the proposals were discussed for two years, including extensive consultation with staff representatives, and were a necessary measure under the current economic climate and as people lived to greater ages.

A spokesperson for the European Commission said so far they had not been asked to increase their pension contributions.

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