OK2020 agreement in place

Finansforbundet and FA concluded a three-year collective agreement on Monday 17 February.

The agreement includes, among other things, a sensible and significant increase in salaries, a number of initiatives to improve wellbeing at work, a modernisation of the salary and working time system, as well as confirmation that the dental insurance will be made permanent and that the Finance Competence Fund will be retained.

The agreement will be discussed at a meeting of Finansforbundet's Assembly of Representatives on 2 March. If Finansforbundet's Assembly of Representatives decides to recommend the outcome of the negotiations to the members, all the members of Finansforbundet must decide on the new collective agreement by means of an electronic vote.

Before that time, you, as a member, will of course be receiving much more information about the detailed content of the collective agreement and the subsequent process.

Initially, however, the outcome of the negotiations is outlined below.

 

The key elements of the agreement:


Significant salary increase


Salaries will increase by 6% over three years, with this increase being divided between 4.2% for general salary increases and 1.8% for local salary pools. The application of the local salary pools will be agreed locally.

In the standard collective agreement, salary increases will be divided as follows:

  • 1 July 2020: 2%, comprising 2.0% for general increases and 0% for local salary pools
  • 1 July 2021: 2%, comprising 1.2% for general increases and 0.8% for local salary pools
  • 1 July 2022: 2%, comprising 1% for general increases and 1% for local salary pools

In the company agreements, 3.4% has been allocated over the duration of the collective agreement for general salary increases for all employees, together with a local economic framework of 2.6% The application of the local economic framework will be agreed locally. 

The general salary increases and the local economic framework are divided as follows:

  • 1 July 2020: 1.20% and 0.80% in the local framework, totalling 2%
  • 1 July 2021: 1.20% and 0.80% in the local framework, totalling 2%
  • 1 July 2022: 1% and 1% in the local framework, totalling 2%


Increase in pension contributions

 

Employers' pension contributions will increase by 0.65% during the period, divided as follows: 0.25% as of 1 July 2020, 0.25% as of 1 July 2021 and 0.15% as of 1 July 2022.

Concrete measures for improved wellbeing at work


A number of joint initiatives are being implemented to improve wellbeing at work – among other things, a joint committee on wellbeing at work will be set up by Finansforbundet and FA, and a set of recommendations for wellbeing at work will be launched. In addition, a team of wellbeing at work counsellors is being established, whose services companies and employees can call upon in relation to specific wellbeing at work challenges in the individual companies.


Improvements to the Finance Competence Fund


The joint Finance Competence Fund, which enables both employees and companies to apply for courses, training and activities via an education grant, will include more employees in the sector.


Salary and working time system being modernised


In order to respond to the demand for increased flexibility from both employees and companies, the salary and working time system is being made more modern and up-to-date.


Dental insurance here to stay


The dental insurance introduced as an temporary scheme in 2017 is being made permanent in the collective agreement.


Better framework for the work of union representatives


The conditions for the work of union representatives are being improved by ensuring that union representatives will have time for their union work and will have better access for helping our members.


Strengthening of the time bank account


Dependants' leave and the 6th holiday week are being placed in the time bank account, so that the time bank account is being made into the sector's own flexible account, with employees being free to choose either time off or a payout.