Banco Santander Chile has signed a new collective agreement with its 23 unions, which is valid for three years and benefits more than 10,300 employees, Diario Financiero reported.

The agreement will come into effect in September.

"This agreement contemplates a negotiation term bonus, which in nominal terms is equal to the bonus paid in the last negotiation, however it represents a 34% increase, if it is considered to have a validity of three and not four years," Santander Chile said in a statement.

Some of the improvements stipulated in the agreement are the standardization of the benefits to employees of all companies of the group; bonuses such as schooling, vacations and family burden; and the increase in the value of bonuses, among others.