31. Mar 2017

The financial sector renews collective agreement

On 28 February 2017, the Danish Employers' Association for the Financial Sector and the Financial ‎Services Union agreed on a renewal of the collective agreement for the financial sector.

The Danish Employers' Association for the Financial Sector and the Financial Services Union have now ‎agreed on the working conditions in the financial sector for the next three years. The central elements ‎of the agreement include salary increases, flexibility in terms of organisation of working time as well as ‎increased focus on competence development.‎

The renewal of the collective agreement will be effective from 1 April 2017, if adopted by the members ‎of the Financial Services Union. ‎

The renewal involves a total financial framework of 6% over the 3-year term, and this amount will go ‎towards salary increases of 1.9% in 2017, 1.95% in 2018 and 2% in 2019. Overall, a salary increase of 5.85% ‎over the term of the collective agreement. ‎

Most of the salary increases will be determined in the company-level collective agreements, while a ‎minor part will be subject to local negotiation and allocation when the company-level collective ‎agreements are renewed.‎

Working time
So far, employers in the financial sector have been required to give employees two days' notice of any ‎overtime or additional hours at weekends and on weekday holidays, but employees will now be ‎entitled to four days' notice. In addition, the parties have agreed that the provision in the collective ‎agreement on shift work will now be a standard clause which may be contracted out of in the company-‎level collective agreements. Also, allowances for special tasks may now be agreed locally.‎

Competence development
In relation to the statutory requirements to certification and testing of employees in the financial ‎sector, employees will now be allowed to develop their competences in their working time before ‎taking the test.‎

In addition, the contribution per employee to a competence development pool will be increased, and ‎this increase is earmarked for company-level initiatives.‎

With the renewal, it is now possible to enter into local agreements in a number of areas which used to ‎be governed by the national collective agreement. This has been a wish of both the Danish Employers' ‎Association for the Financial Sector and the Financial Services Union. In future, it will thus be possible to ‎adjust the terms to reflect conditions at the individual companies to a greater extent.‎

The above article is intended for general information only and does not constitute legal advice.

Written by


Industrial relations