NEW COLLECTIVE AGREEMENT IN THE DANISH FINANCIAL SECTOR 2017-2019
The Danish financial sector now has a new collective agreement after an overwhelming majority of the FSU Denmark members voted in favour of the negotiation results in an electronic ballot. Thus, 95.4 percent voted in favor, 4.2 percent voted against, and 71.6 percent of members participated in the ballot.
Main features of the collective agreement
Negotiated by the Danish Finance Employers’ Association (FA) and the Financial Services Union Denmark (FSU DK), the Standard collective bargaining agreement has been renewed for 3 years. (2017-2019).
The total economic benefit of the agreement is 6% over 3 years.
In companies under the Standard collective bargaining agreement wage increases have been agreed for all employees at:
- 1,90% July 2017
- 1,95% July 2018
- 2,00% July 2019
In companies with a Company collective agreement (Virksomhedsoverenskomst) there are wage increases for all employees at:
- 1,40% July 2017
- 1,40% July 2018
- 1.40% July 2019
In addition, the parties have allocated 0,50% July 2017, 0,55% 1 July 2018 and 0,60% July 2019 for negotiation and distribution as a local framework in connection with the renewal of local collective bargaining agreements.
Fixed amounts in Danish kroner in collective bargaining agreements are adjusted with the same percentages and at the same time as the wage increases.
In the Standard collective bargaining agreement salary levels for IT students were agreed upon.
Education and competence development
The contribution to the pool for competence development is increased by DKK 250 per year per employee, which corresponds to approx. 10 million DKK more yearly for competence development.
In connection with tests and certifications according to legislation, employees are given the opportunity for competence development and preparation during working hours.
Companies with a Company collective agreement get greater local agreement opportunities in relation to the working time rules. This means that the local parties have more opportunities to adapt working
time rules to the conditions in their business, but only after negotiation and agreement with the local shop stewards.
In addition, agreement has been reached on improved conditions for notification of overtime work at inconvenient times (weekends) and better conditions for the capitalization of the 6th holiday week in connection with termination.
Various social improvements Employees over the age of 65 will also be entitled to severance pay in the future unless the employee has obtained the current retirement age or at an earlier age retires from the company in connection with the termination of employment. The companies commit to improving the handling of stress-affected employees.
The Group Insurance Regulation will continue to apply to employees over 70 as long as they are employed.
The agreement on mitigation measures (Aftale om afbødeforanstaltninger) is continued and improved so that the agreement also applies to individual layoffs and not only to collective redundancies. On the other hand, students are no longer covered by the mitigation measures.
The health insurance in the Standard collective bargaining agreement is improved by adding a mandatory dental treatment. The Dental treatment is introduced as a 3-year trial period. It has an own risk of DKK 995 per year and covers treatments up to DKK 30,000 per year.
Collective Agreement Committees
In addition to the collective agreement it was agreed to establish five working groups that will work during the collective agreement period.
- On-call work/duty
- Evaluation of timebank
- Agreements on works councils
- Durabale worklife
- Wellbeing (health & safety) of insurance agents