Contract employees
What do you need to know if you are employed on an individual contract
Who is employed on an individual contract?
You will be employed on an individual contract if your salary exceeds a threshold agreed in the company collective agreement between Nordea and Finansforbundet in Nordea.
The pay limit is normally adjusted in line with the annual salary increases in accordance with the company collective agreement and as of 1 July 2024 is DKK 79,110 per month excluding the value of care days, the 6th holiday week and the special holiday supplement.
Employees with a monthly salary below the limit are generally employed on collective agreement terms.
Can I still get advice and sparring from legal advisors and union representatives in Finansforbundet in Nordea if I am employed on an individual contract?
Yes, of course you can. Our legal advisors only advise members employed at Nordea and are therefore familiar with the details of individual contracts.
We recommend that you contact our legal advisors if you are transferred or employed on an individual contract.
And you also still have access to consultation and advice from our union representatives.
What rights apply to employees on an individual contract?
Your rights are the content of the contract plus any amendments to the contract.
Additionally, general employment legislation applies, such as the Salaried Employees Act, the Holiday Act, and the Equal Treatment Act.
Am I guaranteed a salary increase as a contract employee?
As a contract employee, you must negotiate your salary and other terms individually.
Salary adjustment for contract employees usually takes place on 1 April, so it would be a good idea to have a dialogue with your manager well in advance of that time.
What happens if my salary falls below the contract salary threshold?
If the contract salary threshold increases to more than your salary, and you have a salary that is lower than the contract limit of the standard collective agreement, which as of 1 July 2024 is DKK 77,350/month, either an adjustment of the salary must be made – or you must switch to collective agreement employment on "job salary terms".
What happens to my Timebank?
The time bank is discontinued upon transition to contract employment. Remaining time in the time bank will be paid out at the time of transition.
What else should I be aware of?
In the transition to employment on an individual contract, some of the elements from the collective agreement will cease to apply.
Your care days normally lapse, but the value of them is converted and added to the salary.
You are still covered by the EU directive on a maximum of 48 working hours per week on average.
What terms are typically included in individual contracts at Nordea?
- Pension contributions
- 6th holiday week
- Health insurance
- Dental insurance
- Group life insurance
- Child sick leave
- Full pay during maternity leave
- Child's hospitalization
- Extra holiday allowance (paid in May and August)
- Leave of seriously ill child
- Leave for disabled child
Which terms are typically NOT included in individual contracts at Nordea?
- Care days (converted to salary)
- Annual salary adjustment
- Severance pay according to the collective agreement (the Salaried Employees Act's compensation applies)
- Mitigation measures in the event of termination
- Senior part-time
- Child part-time
- Contributions to the Finanskompetencepuljen
- Remuneration for on-call duties must be specifically agreed
- Time bank
Why should I be a member of Finansforbundet in Nordea if I am employed on an individual contract?
As an employee on an individual contract, there are many benefits to being member of Finansforbundet i Nordea.
Our legal advisors are experts at reading through individual contracts and can explain the terms to you, especially if you are not used to reading contracts. You also have access to local sparring and advice from our union representatives, who are well-acquainted with Nordea and your area of work.
As a member, you also have access to additional membership benefits such as over 250 events – many in English
You also have access to a range of cash membership benefits and can save money with your membership.