See What pay you are Entitled to
Get an overview of the salary systems agreed in the most recent standard collective agreement between Finansforbundet and FA (the Danish Employers’ Association for the Financial Sector). And see what you should do if you are covered by one of Finansforbundet's corporate collective agreements.
Are you employed under the standard collective agreement (the SCA)?
You must be aware that the current salary system in the SCA does not apply to employees who were employed after 1 April 2020. These employees are subject to the rules laid down in the SCA’s new salary system described below.
If you were employed before 1 April 2020, the SCA’s new salary system will not apply until 1 July 2021.
The SCA’s current salary system
The SCA’s current salary system is generally divided into the following three types of employees:
- Finance employees
- IT employees
- Service/technical employees
Finance and service/technical employees
Here you can see the annual, monthly and hourly salary you are entitled to if you are employed on steps 3-110 as a finance or service/technical employee in a company that adheres to the rules of the SCA.
The overview also includes minimum salaries for a number of finance and service/technical employees, as well as temporary employees.
IT employees have their own salary system in the SCA. You can see which annual, monthly and hourly salary you are entitled to if you are employed under the SCA’s current salary system for IT employees.
The SCA’s new salary system
The SCA’s new salary system applies to employees who were employed after 1 April 2020 and will apply as of 1 July 2021 for employees who were employed before 1 April 2020.
Salaries are agreed on an individual basis between the company and employee, and should reflect the efforts, qualifications, education and skills of the individual, as well as the content and responsibility of the position.
A single salary system shall be adopted for all employees. This means that pay levels 1 and 2 will be abolished and the current salary systems for IT and other employees will merge into one salary system.
All employees will also be entitled to an annual salary dialogue.
The salary system includes the following salary grades:
The minimum monthly salary excluding employer’s pension contribution is:
- DKK 25,000 as of 1 April 2020
- DKK 25,000 as of 01 July 2020
- DKK 25,000 as of 01 July 2021
- DKK 25,500 as of 01 July 2022
Employees who have an independent work organisation may be employed on job pay if their monthly salary excluding employer’s pension contribution is at least:
- DKK 53,000 as of 1 April 2020
- DKK 53,000 as of 01 July 2020
- DKK 53,000 as of 01 July 2021
- DKK 54,060 as of 01 July 2022
Employees who earn the following monthly salary and above, excluding employer’s pension contribution, dependants' leave, sixth holiday week and special holiday bonus may be employed on an individual contract.
- DKK 70,000 as of 1 April 2020
- DKK 70,000 as of 01 July 2020
- DKK 70,000 as of 01 July 2021
- DKK 71,400 as of 01 July 2022
Young people under the age of 18
Remuneration for young people under the age of 18 is at least 60 per cent of the SCA’s minimum salary. Remuneration is made in accordance with the general rules of the SCA from the first day of the month in which the employee turns 18.
The minimum salary for young people under the age of 18 is:
- DKK 15,000 as of 1 April 2020
- DKK 15,000 as of 01 July 2020
- DKK 15,000 as of 01 July 2021
- DKK 15,300 as of 01 July 2022
The following salary increases have been agreed for the duration of the collective agreement:
- 2.00 % in 2020
- 1.20 % in 2021
- 1.00 % in 2022
A newly introduced measure also means that the following local salary pools have been agreed with companies covered by the SCA as of 2021. The salary pools are:
- 0.80 % in 2021
- 1.00 % in 2022
Contractual employees are not included in the local salary pools. If the company does not have a professional representative, employees' salaries will generally be adjusted by the full salary adjustment, i.e. 2.00% in 2020, 2.00% in 2021 and 2.00% in 2022.
The company may at any time choose to implement the salary pool instead of the local salary pool in the form of general salary increases for all employees.
In the event that an agreement on the distribution of the salary pool cannot be reached between the local parties, mediation shall be conducted with representatives from FA and Finansforbundet. The result of the mediation shall be put to the vote among the members of Finansforbundet at the company. If the members reject the result of the mediation, the salary pool will be distributed in the form of general salary increases for all employees. With the exception of contractual employees, the local salary pool will be implemented on the basis of the company’s payroll with effect from 1 July each year.
If you are a student and employed in a company that adheres to the rules of the SCA, you are entitled to the following salary:
Salaries are determined on an individual basis with regard to other students. However, the salary shall at least correspond to the salary determined by way of collective agreement in the field of education; see Vocational Education Act § 55, para. 2.
Be prepared for pay negotiations
One thing is the pay you are entitled to. You may be able to negotiate something entirely different. You can use Finansforbundet’s salary calculator to find out the average salary in many different areas of work and positions in the financial sector.
Finansforbundet ((Financial Services Union Denmark)’s company collective agreements (CCAs)
Some company collective agreements include their own tailor-made salary systems, and others contain separate pay tables, so please ask your union representative or contact Finansforbundet if you have any doubts regarding whether you are covered by a CCA.
If you are covered by one of these CCAs:
- Danske Bank
- Express Bank
- Finanssektorens Uddannelsescenter
- JN Data
- Jyske Bank
- Ringkjøbing Landbobank
Finansforbundet and FA have agreed that the combined general salary increases and salary pools for the period of 2020-2023 should at least be the following.
General salary increases
2020: 1.20 %
2020: 0.80 %
2021: 1.20 %
2021: 0.80 %
2022: 1.00 %
2022: 1.00 %
Please contact your union representative or Finansforbundet if you would like further information concerning the salary system at any of these companies.
If you are employed in one of the companies listed below, you are covered by one of Finansforbundet’s CCAs that are not affiliated with FA.
You must therefore contact your union representative or Finansforbundet to find out which salary system applies in your company.
Finansforbundet has entered into collective agreements with the following companies that are non-FA members:
- BankNordik Færøerne
- BankNordik Grønland
- PenSam Bank
- Silkeborg Data
- Banking Circle