Collective labour agreement for banks and insurance companies: employees of the financial sector are its linchpin!

Luxembourg, 24 April 2024 – The ALEBA-OGBL-LCGB inter-union group met today for discussions on the negotiation of collective labour agreements in the financial sector.

As representatives of employees in the financial sector in Luxembourg, we would like to emphasise our support for the fact that it is vital to the Luxembourg economy and stress the crucial importance of its staff. Employees are the real economic backbone of the Grand Duchy. The sector draws its strength from the very high qualifications and commitment of its employees, who are its most valuable asset.

Regrettably, this asset is often overlooked. The ongoing negotiations to renew the collective agreements, which expired at the end of 2023, are of paramount importance. However, it is concerning that the current discussions seem more focused on diminishing the previous agreements rather than enhancing them with meaningful improvements, as advocated by the ABBL and the ACA in their demands.

This backward trend is alarming for employees in the banking and insurance sector, especially considering the recent announcement by the ABBL of record profits of six billion euros for the 2023 financial year. In contrast, the Luxembourg MPs have clearly understood the significance of the financial sector and have done their bit by strengthening it when the draft budget was tabled.

Facing these challenges, the ALEBA-OGBL-LCGB union alliance is fully committed to vigorously defending employees' interests. We are dedicated to preserving and creating jobs, enhancing access to training, ensuring fair and improved remuneration for all, enhancing working conditions, and promoting work-life balance by curbing the excessive use of overtime, which remains a significant issue in the sector.

Maintaining the sector's appeal through favourable working conditions and compensation is crucial for sustaining the competitiveness of Luxembourg's robust financial centre. Solid collective agreements are indispensable for achieving this objective, but unfortunately, we are still far from reaching that point.

We therefore urge employees to remain vigilant and to be ready to take appropriate trade union action to safeguard their rights and interests.