Key data
| Regulation | Resolution of September 10, 2026, from the General Labor Directorate, registering and publishing the Collective Agreement of the Bank of Spain |
|---|---|
| Publication | September 21, 2026 |
| Effective date | January 1, 2025 |
| Affected parties | Labor employees of the Bank of Spain in Madrid and branches (excluding government positions, external contractor staff and seconded civil servants) |
| Category | Labor Legislation |
| Period | 2025-2026 (with forecast for 2027) |
| Validity | Until December 31, 2026, with automatic annual renewal if not terminated |
| 2025 Increase | 2.5% (paid as advance in February 2026) |
| 2026 Increase | 1.5% effective from January 2026 + possible additional 0.5% consolidable |
Labor employees of the Bank of Spain now have their compensation and career conditions defined for the 2025-2026 biennium. The Resolution of September 10, 2026 from the General Labor Directorate registers and publishes the collective agreement that sets salary increases aligned with the public sector, a revision clause linked to CPI, and a guarantee of 10% annual professional promotion.
The agreement has retroactive effects from January 1, 2025, which explains why the 2.5% increase corresponding to that fiscal year was already paid in advance in February 2026.
What does this regulation establish?
The agreement regulates three main areas: salary increases, professional promotion, and personal scope of application.
Salary increases 2025-2026
| Fiscal year | Increase | Condition | Effective date / payment |
|---|---|---|---|
| 2025 | 2.5% | No condition | Effective January 1, 2025; paid as advance in February 2026 |
| 2026 | 1.5% | No condition | Effective from January 2026 |
| 2026 (CPI revision) | +0.5% additional consolidable | 2026 CPI reaches or exceeds 1.5% | Payment in the first quarter of 2027 |
| 2027 | As set by the State Budget | No need for new agreement | According to State General Budget |
Professional promotion
The agreement guarantees that 10% of the workforce can access vertical promotions in both 2025 and 2026. The economic effects of these promotions are deferred to January 1 of the following year to the promotion: that is, someone promoted in 2025 will see the economic impact on January 1, 2026, and someone promoted in 2026 will see it on January 1, 2027.
Validity and renewal
The agreement is valid until December 31, 2026. If neither party terminates it, it is automatically renewed year after year. For 2027, the salary increase will be what the State General Budget establishes, without need to negotiate a new agreement.
Economic and operational impact
For the institution, the agreement represents an accumulated increase in payroll of 4% between 2025 and 2026 (2.5% + 1.5%), with the possibility of reaching 4.5% if the 2026 CPI equals or exceeds 1.5%. This scheme is consistent with the public spending containment framework applied to the entire state public sector.
The salary revision clause linked to CPI acts as a safety net for employees: if inflation exceeds the 1.5% threshold, purchasing power is protected with that additional 0.5% consolidable, which is also incorporated into the calculation base for future increases.
Regarding professional promotion, the 10% annual guarantee creates manageable pressure on payroll, but with the economic effect deferred one year, which facilitates the institution's budget management.
Who does it affect?
- Labor employees of the Bank of Spain at the central headquarters in Madrid and at territorial branches.
- HR managers and people management directors of the Bank of Spain, who must apply the increases and manage vertical promotion processes.
- Labor advisors and unions representing the labor workforce of the Bank of Spain.
The following are expressly excluded from the personal scope of the agreement:
- Government positions at the Bank of Spain.
- External contractor staff.
- Civil servants seconded to the institution.
Practical example
Suppose a labor employee of the Bank of Spain with a gross annual salary of €40,000 as of December 31, 2024:
- 2025 increase (2.5%): +€1,000 → resulting salary: €41,000 gross annually. This amount was paid as advance in February 2026 with retroactive effects to January 1, 2025.
- 2026 increase (1.5%): +€615 on the €41,000 → resulting salary: €41,615 gross annually from January 2026.
- If 2026 CPI reaches or exceeds 1.5%: an additional 0.5% consolidable is added, that is, +€208.08 on the €41,615, payable in the first quarter of 2027 and incorporated into the salary base.
If this employee is also one of those benefiting from vertical promotion in 2025, the economic increase associated with the promotion will not appear on the payroll until January 1, 2026.
What should companies do now?
- Verify that the 2.5% advance for 2025 has been paid correctly. The agreement establishes that this increase, effective January 1, 2025, should be paid as advance in February 2026. Confirm that any arrears have been settled.
- Apply the 1.5% increase for 2026 from January. Review 2026 payroll to ensure the increase is incorporated from the first month of the year.
- Monitor 2026 CPI. If the official 2026 annual CPI data reaches or exceeds 1.5%, it will be mandatory to pay the additional 0.5% consolidable in the first quarter of 2027. It is advisable to provision this amount now.
- Plan the vertical promotion process. 10% of the workforce must be able to access vertical promotion in 2025 and 2026. The economic effects are activated on January 1 of the following year, but the selection and communication process must be managed during the current year.
- Review the personal scope of application. Confirm which groups are included (labor employees) and which are excluded (government positions, contractors, seconded civil servants) to avoid incorrect application of the agreement.
- Prepare for 2027 without a new agreement. The 2027 increase will be what the State General Budget establishes, without need to negotiate a new text. Monitor the State Budget to anticipate the impact on payroll.
Frequently asked questions
When is the 2.5% increase for 2025 paid at the Bank of Spain?
The 2.5% increase has economic effects from January 1, 2025, but was paid as advance in February 2026. This means that in February 2026, employees received the arrears corresponding to the entire 2025 fiscal year plus the updated amount of the current payroll.
When is the additional 0.5% of the Bank of Spain agreement paid if CPI exceeds 1.5%?
If 2026 CPI reaches or exceeds 1.5%, the agreement establishes that an additional 0.5% consolidable will be paid in the first quarter of 2027. This amount is incorporated into the salary base and affects calculations of future increases.
What percentage of Bank of Spain employees can be promoted under the new agreement?
The agreement guarantees 10% vertical promotions in both 2025 and 2026. The economic effects of promotion are deferred: someone promoted in 2025 sees the impact on payroll on January 1, 2026; someone promoted in 2026 sees it on January 1, 2027.
Is the Bank of Spain agreement automatically renewed in 2027?
Yes. The agreement is valid until December 31, 2026, but if neither party terminates it, it is automatically renewed year after year. For 2027, the salary increase will be what the State General Budget establishes, without need to negotiate a new agreement.
Is Bank of Spain contractor staff covered by this agreement?
No. The personal scope of the agreement expressly excludes external contractor staff, government positions at the Bank of Spain, and civil servants seconded to the institution. It only applies to labor employees of the Bank of Spain in Madrid and branches.
Official source
View complete regulation in official source
Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-19603
