Financial sector agreement applies the framework agreement
Pro (25.11.2011 - Juhani Artto)
Financial sector bargaining has ended satisfactorily with agreements this
Tuesday that apply
the framework agreement signed in mid-October by the labour market
confederations. This means that the strike, due to begin on Wednesday
and the retaliatory lockout threatened by the employers, will now not go
ahead. And the
overtime ban has been lifted to take immediate effect.
The agreements cover some 23,000 employees, working at banks and other
financial industry work places. They take effect retroactively from November
1 this year and expire on 30 November 2013.
Salaries for all employees are to be raised, retroactively (from November 1)
per cent. In January 2012 all sector employees will receive a lump sum of
In December 2012 all employees are guaranteed a rise of 0.3 per cent. In
addition, an increase averaging 1.6 per cent is expected after pay
discussions at the local level. Minimum salaries are to be raised by 1.9 per cent.
And the right or entitlement to three days of training annually will also be
extended to the financial
sector. The details as to how this right can be applied will be sorted out
next spring by the labour market confederations and the government.
The agreements include regulatory obligations that compel employers to keep
their salaried employees informed on work shifts, always at least two weeks
prior to the beginning of the next work period.
Antti Rinne, the President of the salaried employees' trade union Pro,
regards the results of the financial sector bargaining as "tolerable". But,
he feels decidedly more comfortable and reassured in the knowledge that a
working group, made up of representatives of the parties, will analyse the
model of how individual total earnings develop.
During the negotiations Pro cooperated closely with YTN who represent senior
salaried employees in the financial sector.
The agreement has also
been approved by Nousu, the union representing Nordea's salaried employees.