Collective bargaining agreement for banks and insurance companies: current status of negotiations

Dear colleagues,

Negotiations on the new Collective Labour Agreement for the financial sector began in January 2024. This is a crucial period for our sector, as our working conditions and remuneration are at stake. We have presented our demands to ITM and ABBL, and since then, we have held several plenary meetings. These discussions have revealed diametrically opposed positions.

Content and progress:

Our objective is clear: to make the financial sector attractive by improving our working conditions and pay. The banks are posting record profits, the fruit of your hard work. Yet employers seem to favour cutting our benefits to stay competitive.

We are calling for qualitative and quantitative improvements, such as:

• Salary increases;
• The inclusion of management staff in the collective agreement;
• An upward revision of the June bonus;
• A 40-hour training entitlement for all employees;
• The right to part-time work.

ABBL's proposals are designed to worsen our working conditions.

Next steps:

With the May and June deadlines looming, we have stepped up our efforts. We have addressed fundamental issues in the CLA, such as consideration and pay. Unfortunately, ABBL does not seem prepared to recognise the value of our work, despite rising profits.

Stay strong, stay united!

This is a critical time for all of us. We call on you to remain attentive and united. Your work is vital to the Luxembourg economy, and it's time your employers recognised that. Don't let economic policy neglect you: we are in this fight together.

We are continuing to work to ensure that all employees in the sector, even those not covered by collective bargaining agreements, benefit from its terms and conditions.

Let's stick together for a better future!