Make your voice heard
In view of the challenges associated with the development of the banking professions and their attractiveness, the ABBL and the trade union representatives of ALEBA, LCGB and OGBL have reached an agreement on the collective labour agreement for the Luxembourg banking sector for the period 2024-2026. The final texts are now in the approval phase. The new agreement emphasises employability and makes it possible to reward the loyalty and commitment of employees in the banking sector.
"The pace of change in banking has accelerated in recent years, requiring bankers to acquire new skills," analyses Jerry Grbic, CEO of ABBL. "At the same time, to meet these challenges, Luxembourg banks are faced with the triple challenge of attracting, training and retaining talent, all in a very competitive market and a recruitment pool that tends to dry up."
The social partners have revised certain provisions of the current agreement in order to create a favourable environment in which employees can better cope with these developments and to increase the attractiveness of the banking sector and thus contribute to its continued existence and future development.
Education and training is crucial for the employability of employees in the banking sector, as it enables them to acquire the necessary skills to adapt to technological and regulatory developments and new customer expectations, thus ensuring their relevance and competitiveness on the labour market. The new collective agreement provides for a number of advances in this regard.
For example, the budget earmarked by the banks for training has been increased by 10% for the financial years 2024-2026. In addition, each employee covered by the collective agreement will receive an individual training allowance of at least 16 hours per year (excluding mandatory training and reorientation).
In general, the provisions on employability have been formulated in such a way as to emphasise the joint commitment of the employee and the employer in this area.
It was important that the new agreement rewarded the loyalty and commitment of those on whom a company's success is based, namely its employees. For this reason, loyalty bonuses were raised, starting salaries and salary scale thresholds were increased, as well as the means of recognising deserving employees. In addition, a special bonus was negotiated when the new contract was signed. It will be paid out in January 2025.
Finally, the compatibility of private and professional life was also an important point in the discussions. A new chapter has been created on this and each company is encouraged to implement flexible working options tailored to the specific needs of the activities and employees.
Discussions on the new collective labour agreement took place in a constructive spirit that demonstrates the responsibility of all signatories, not only towards employees in the sector, but also towards the Grand Duchy as a whole, as the banking sector is a pillar of the country's economy and makes a decisive contribution to its prosperity.
Here are the most important points of the new collective agreement:
The final text still has to be approved by the various trade unions in accordance with their statutes.
Our offices are exceptionally closed on Friday 6 Septembre from 12pm on. We invite you to call us back on Monday 9 September at 10am or to contact us by email via info@aleba.lu. Thank you!