Expired at the end of 2023, collective agreements in the banking and insurance sectors have been the subject of between representatives of the financial sector and the unions, who have come together under the same banner “to present a united front”. For the insurance sector, the discussions have finally borne fruit and the parties involved finally reached an agreement on Tuesday 4 June, they announced in a press release.
The new agreement, signed for the years 2024 to 2026, introduces a number of benefits for employees in the insurance sector: the allocation of an economic bonus; the allocation of an exceptional “attractiveness” bonus of €1,300; an increase in severance pay for new recruits; the adjustment of thresholds 1 and 2 for all employees; a reduction in the number of hours of training required to qualify for the development bonus; the allocation of a number of hours to the health delegate; and, finally, of the 40 hours of training credit, two hours will be dedicated to occupational health and the prevention of psychosocial risks.
“The unions and the Aca consider that social dialogue has been effective and respectful of the interests of each party, and that the results of these negotiations are beneficial to the insurance sector, its companies and its employees”, the press release stated, but it not provide an update on discussions concerning the banking sector.
Inter-union meeting to be held on Friday
When contacted for comment, the three unions announced that they would be meeting on Friday “to discuss the next steps”. Unlike the insurance sector, the an agreement in the banking sector seems harder to reach.
“Unfortunately, the process concerning the banking sector is not currently at a stage that could lead to an agreement,” said Jean-Jacques Rieff, vice president of the financial sector labour union Aleba. “For the time being we are at a standstill, mainly on the issues of pay and the reintegration of ‘bogus managers’ into the collective agreement. The unions are well prepared and have already made compromises, but the ABBL is doing very little. This does not satisfy our demands. New plenary meetings with the ABBL are scheduled for next week”.
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“We opened the door to social dialogue, but the latest discussions did not end on very good terms,” stated LCGB representative Maria-Helena Macedo. “What the ABBL is proposing in relation to the banks’ profits in 2023 is clearly not enough. We don’t want to block the process and we really want to succeed in finding a consensus.”
The Luxembourg Bankers’ Association (ABBL), which was also contacted about its position ahead of the forthcoming meetings, declined to provide any further details. “Discussions are still ongoing. It is therefore too early to comment on them or to say what the outcome might be. We can only stress that they are taking place in a constructive spirit and that we hope they will lead as soon as possible to a solution that will create an environment conducive to the continuation and growth of banking activity in Luxembourg,” it stated.
Originally published in French by and translated for Delano