Signature of the new Collective Bargaining Agreement for banks

Today the Luxembourg Bankers’ Association (ABBL) and the Association of Insurance and Reinsurance Companies (ACA) signed, together with the trade unions ALEBA, OGBL and LCGB- SESF, the respective Collective Labor Agreements for the years 2021 to 2023.

The social dialogue, a prerequisite for the conclusion of these two Collective Agreements, has taken into account the needs and well-being of the employees, regardless of their age and seniority.

The interests of each party were taken into consideration, so that the result of the negotiations is beneficial to the banks and insurance undertakings and their employees for the next three years.

Both new agreements build closely on the terms of the previous agreements. In addition to updated financial conditions, the new Collective Agreements bring improvements to working conditions in companies. These qualitative provisions place emphasis on social dialogue in companies:

• Implementation of CSR (Corporate Social Responsibility) measures to promote well-being at work;
• Prevention of psychosocial risks;
• Granting of a 5-day social leave;
• The right to disconnect;
• Provisions related to promoting a healthy work/life balance;
• Teleworking Agreement of 20 October 2020 is annexed to the Collective Agreement.

“After lengthy discussions, we are pleased to announce that we have found common ground and are able to present a new agreement to our members that balances the needs of all parties and establishes a good foundation for the years ahead.” Guy Hoffmann, ABBL President.

“I am delighted with the signing of this Collective Labor Agreement which is very positive for both employees and insurance companies. It gives them visibility over the next three years, which is crucial in these times. I am even more pleased that our social partners have finally managed to reach a collective agreement with ACA for the benefit of employees of insurance companies.” Marc Lauer, President of the ACA.