May 31, 2023
Valentino strikes deal with unions for results bonus
May 31, 2023
National and local representatives for Italian trade unions Filctem Cgil, Femca Cisl and Uiltec Uil, alongside their employee representatives at Valentino, have met with Valentino's senior management at the luxury label’s Rome headquarters to sign a 2023-2025 three-year agreement that stipulates that a result-based bonus will be awarded to all the label's workers employed at its fashion division in Italy.
“With this agreement, we have achieved a significant economic improvement that manages to capture the group’s growth and all its related benefits, if the group’s reduced taxation objectives are achieved,” said the unions. This new deal is additional to the regulatory and economic conditions previously agreed upon.
In addition to last year's deal, three further, improved measures have in fact been signed off on. For 2023, Valentino will pay the first month of voluntary parental leave (for paternity or maternity) at 100% of actual salary, as opposed to the legally mandated 80%, and the second month will be paid at 80% instead of 30%. Secondly, the 16-hour leave allowance for medical examinations has been extended, beyond what is stipulated in the national collective agreement, to take into account not just the examination time but also the journey to and from work. Finally, an additional €60 gross allowance will be granted for each working day outside the office necessitating an overnight stay, for fashion or look-book events.
“As with last year, the agreements signed with Valentino are proving to be innovative and ameliorative, within a collaborative industrial relations framework that concretely aims to safeguard staff well-being and the purchasing power of their wages,” the unions concluded.
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