Aleba, the financial sector trade union, struck the draft accord with the Luxembourg Bankers Association (ABBL) and Luxembourg’s insurance companies association (ACA) on Monday.
In the banking sector, “the parties have agreed to forego a salary increase in 2021 whilst maintaining a 1% increase for both 2022 and 2023,” ABBL and ACA said in a joint press release issued on 9 November.
In the insurance sector, staff will receive a special annual cash bonus of €300, Aleba said in a separate press release. Workers over the age of 50 in both the banking and insurance sectors will receive a 26th day of paid leave.
Aleba stated:
“These agreements aim to reassure and stabilise, starting now and for the next three years, all employees in the financial sector, while continuing to focus on employability, training and skills development”.
ABBL and ACA stated:
“It is hoped that the above measures will provide stability and comfort to both employees and employers in the current environment, and we are satisfied that an efficient and pragmatic agreement is in the interest of all parties.”
Most of the other terms, such as on overtime pay and compensation days, were rolled over from the current three-year deal, which ends this December. The new agreement runs from 2021 to 2023, and is subject to ratification by Aleba members.
After this article was first published, Aleba’s chair, Roberto Mendolia, told Delano that the draft agreement would be put to its members and reviewed with other Luxembourg trade unions in the coming weeks. The final agreement could be signed later this year or in 2021, Mendolia said on 16 November.