• The new salary review formula is not linked to the RPI and is based on internal productivity and real GDP performance.
• Develops and improves working timetable flexibility, backing efficiency, the work-life balance and the sustainability of the employment framework.

Red Eléctrica de España has signed its X Collective Bargaining Agreement following the ratification today of the final text that develops on the preliminary agreement originally signed on 31 March with the trade unions ‘CCOO’ and ‘UGT’. The X Collective Bargaining Agreement has been signed by all the members of the negotiating table, composed of the SIE (‘Sindicato Independiente de la Energía’), CCOO and UGT.

The terms of the aforementioned preliminary agreement were previously submitted to a referendum on 7 April that obtained the approval of 82.74% of the workforce and in which 83.6% of the workers took part.

The agreement reached in the X Collective Bargaining Agreement allows salary reviews to be completely unlinked from the Retail Price Index (RPI) that was used in the former IX Collective Agreement. Instead, this updated Agreement is associated with internal productivity based on the fulfillment of management objectives and Spain’s productivity, using a scaled and limited function of the inter-year variation rate in Gross Domestic Product (GDP).

With a five-year period of validity, this X Collective Bargaining Agreement opens the door to a better adaptation to the service needs of the Company, promoting flexible working timetables and the ability to better balance work and personal life through a more active and reciprocal involvement between the Company and the employees in the organisation and management of work timetables schedules.

Furthermore, this new agreement signed between the workers’ representation and the Company develops, in a more flexible way, the already existing total of 32 hours per year available for the work-life balance.

Red Eléctrica’s X Collective Bargaining Agreement is based, therefore, on the principles of mutual commitment, trust and responsibility on the part of both the Company and the workers, all of whom have to organise and manage working timetables schedules more appropriately based on workloads, with a view to supporting the continuous improvement of the Company’s productivity.

These criteria of efficiency, productivity, flexibility and sustainability of the employment framework must ensure and help meet the business objectives as well as the professional and personal development of people.

One of the best companies to work for

For the third consecutive year, Red Eléctrica de España has been considered one of the best Spanish companies to work for in the field of energy, according to the international consultancy firm ‘Randstad’, which conducted a macro-analysis on around 200,000 people of companies from 23 countries regarding the perception of employer branding policies.

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