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.
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.
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.