Economy & Politics

New collective agreement to come for the Place

The Luxembourg Association of Banks and Bankers Luxembourg (ABBL) and the Association of Insurance and Reinsurance Companies (ACA) announced Monday evening that they had reached an agreement in principle with Aleba for a collective agreement for the years 2021- 2023.

Nadia DI PILLO

Nadia DI PILLO

The Luxembourg Association of Banks and Bankers Luxembourg (ABBL) and the Association of Insurance and Reinsurance Companies (ACA) announced Monday evening that they had reached an agreement in principle with Aleba for a collective agreement for the years 2021- 2023.

Even though negotiations for a new collective agreement have not started, representatives of the employers and the union with sectoral representativeness have reached agreements which “take into account the current economic climate”.

To know:

  • Banking sector: the parties have agreed to forgo a salary increase in 2021 while maintaining a 1% per year envelope for 2022 and 2023.
  • Insurance sector: the parties have undertaken to maintain an economic bonus identical to that of 2020 for the years 2021, 2022 and 2023. The extraordinary bonus for employees in the sector will also be retained.
  • Investing in skills development and employability remains a high priority for ABBL and ACA, which is why the overall training conditions provided for in the agreements are maintained, including in 2021 the promotion of skills acquisition for employees who join the banking sector.

Wort.fr, interview with Roberto Mendolia, Aleba Foto: Chris Karaba / Luxemburger Wort

While the financial sector remains the main pillar of the economy, the question of its attractiveness remains at the center of discussions. For Aleba, the market’s main union, the new collective agreement must guarantee this situation, even if “certain ambiguities” remain.


At the request of Aleba, the agreements will be amended to clarify the rights of employees over 50 and thus harmonize its application throughout the financial sector. The two associations recall that all the other provisions of the current agreement remain unchanged. They believe that the measures “will bring stability and comfort to employees and employers in the current environment”.

The Aleba, for its part, underlines that the agreements aim to “to secure and stabilize, now and for the next three years, all employees in the financial sector, while continuing to focus on employability, training and skills development ”.

The union also recalls that all the other provisions of the 2018-2020 CLA are maintained, and in particular in terms of notice, system and principles of remuneration, 13th month, overtime pay, annual leave and days of rest, extraordinary leave or access to training.


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