trending Market Intelligence /marketintelligence/en/news-insights/trending/97YRUFXqBPXX19i71HMiqQ2 content esgSubNav
In This List

Austrian court upholds higher cost of pension plan shift for UniCredit Austria

Blog

Post-webinar Q&A: Speed and Scalability – Automation in Credit Risk Modeling

Case Study

A Chinese Bank Takes Steps to Minimize Risks as it Supports International Trade

Blog

Middle East Africa MA by the Numbers: Q3 2021

Blog

Banking Essentials Newsletter: November Edition 2021 - Part 2


Austrian court upholds higher cost of pension plan shift for UniCredit Austria

The Constitutional Court of Austria upheld legislation requiring UniCredit Bank Austria AG to use a higher rate to transfer its employees to a state pension scheme, Reuters reported.

UniCredit Bank had wanted to pay 7% of each employee's last salary before the switch, multiplied by the length of service, the report noted. However, Austria passed a law requiring the bank to apply a more commonly used 22.8% rate.

UniCredit SpA unit plans to move some 3,300 employees to the state-sponsored pension scheme as a cost-saving measure. The bank has provisioned €790 million to handle the cost of making the transfer at the 22.8% rate, Reuters noted.