BBVA who are Spains number two bank are causing considerable criticism, following their announcement that they will be offering some of their top executive’s massive pension payouts. One example is Jose Ignacio Goirigolzarri who is COO of the bank and is set to receive the benefits of nearly €53 million, which the BBVA has pledged for his personal pension scheme.

This will equate to an annual income for the executive of over €3 million. This has sparked outrage, especially with the unions, who are calling the situation a scandal and an obscenity. Many members of the Spanish government are also said to be extremely unhappy with the insensitive decision.

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Two of the biggest Labour trade unions in Spain, the CCOO and the UGT are extremely angry at this massive setting aside of cash for individuals, while at the same time the company is laying off workers.

They say that although there is nothing illegal about the bank’s action, it is bound to spark irritation in the extreme, amongst regular working people. They go on to say at a time of economic disaster such payouts are unreasonable.