Banking unions and cooperative bank Rabo have reached a deal on a new pay and conditions agreement which involves an end to bonuses for all staff, Nos television reported.

Workers will get a one-off payment this year, followed by a pay rise of 1.5% in 2014. The new pay and conditions deal runs until the end of 2015 and covers some 40,000 staff.

‘We need to reduce secondary benefits if we are going to keep our bank healthy and solid,’ said bank negotiator Raymond van Hatten. ‘This means less for all workers.’

Earlier this week, it emerged Rabobank directors will not get a bonus this year.

In February, Rabobank said it is to cut some 6,000 jobs over the next few years.

The non-listed bank booked group profit down 20% at €2.1bn in 2012, its lowest level since 2006, and expects a further reduction in earnings this year.