UniCredit to give staff in Germany 2,500 euro tax-free bonus-memo By Reuters

MILAN (Reuters) – Italy’s second-largest lender UniCredit will give its staff in Germany a bonus of 2,500 euros ($2,594) in December to compensate for rising inflation, a copy of an internal memo seen by Reuters and confirmed by a spokesperson showed.

Trainees will receive a bonus of up to 1,250 euros, depending on the time they worked for the bank, the memo showed.

The bonuses are exempt from tax as well as social security charges, it added.

UniCredit had roughly 14,000 employees in Germany as of end-September, its website showed, making it its second biggest market after Italy where it employs nearly 35,000 people.($1 = 0.9637 euros)