Netherlands-based bank ING Groep NV wants to freeze the wages of its personnel until 2024 due to the unforeseen consequences of the COVID-19 pandemic, Het Financieele Dagblad reported Oct. 9, citing a collective bargaining proposal.

The proposal has angered trade union FNV, the newspaper said.

ING is the first large Dutch employer to propose a long-term pay freeze, apart from companies such as airline Air France-KLM SA that are among the most severely hit by the health crisis, FD said. It is likely that other Dutch companies may follow ING's example, according to the newspaper.

Dutch lender Rabobank is also in talks with trade unions. It has not yet made an official announcement but sources familiar with the matter have said that Rabobank considers a substantial wages increase hard to sell given that it has to boost risk provisions and has not paid its cooperative members a dividend for six months, FD said.