Piazza Affari takes to the streets: first strike in history
For the first time in its history, the Milan Stock Exchange will be involved in a strike, proclaimed by the trade union organizations Fabi, First Cisl and Fisac Cgil, active in the Borsa Italiana Group, part of the Euronext group. The strike has been set for the last two hours of June 27, 2024.
The main concern of the unions concerns employment stability in Italy. The relocation and near shoring projects of entire areas of activity outside national borders raise fears for jobs, therefore trade union organizations denounce the company’s lack of guarantees for the protection of workers and the valorisation of existing professionalism.
Another crucial issue is the salary question. Faced with rising inflation, the unions criticize the company’s decision not to apply the wage increases provided for by the National Collective Labor Agreement (CCNL) for the credit sector. This choice is interpreted as a desire by the Euronext Group not to protect the purchasing power of Italian workers, despite the record economic results recorded by the Italian companies of the group in recent years.
The third point of dispute concerns the organization of work. The organizational structures of the Borsa Italiana Group are considered fragile, leading to a systematic and structural use of overtime, including night and holiday shifts. This workload puts the psychophysical health of employees at risk.
Finally, unions express concerns about governance. The unions’ note states: “The last element of the union’s claim is linked to the issue of governance and progressive loss of directional and strategic autonomy of the Italian companies of the Borsa Italiana Group. Given the national importance of the market infrastructure, as a driving force for the economic growth and financial stability of our country, we note a progressive transfer outside of Italy of the strategic direction of the Group, and a shift of top roles to other geographical areas of the Euronext group. We believe all four points mentioned above confirm the Euronext Group’s desire to progressively disinvest from Italy.”
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