Learn more about the collective agreement: the senior negotiator explains what’s what

Finansforbundet does not alone determine the term of the collective agreement. It follows the negotiations conducted in the remaining private sector. In this way, we produce the best results.

Because by keeping in line with the rest of the private labour market, we build on the salary development and trends of the private labour market, which are more favourable than in the public sector. Public sector employees are subject to the regulatory scheme, which means that their salary increases must be lower than those of private sector employees.

And the term is primarily determined by how stable the inflation appears to be. The most recent collective agreement from 2023-25 was concluded at a time when inflation was very high and highly volatile.

However, when there is a prospect of stable and low price increases, we prefer to enter into three-year agreements because that in itself creates stability, which supports low inflation, and stability is good for employment.

We have made an overview of the salary increases of the collective agreements since 2005. This also shows how six out of ten collective agreements since 2003 have had three-year terms.

Økonomen forklarer: Hvorfor ligger lønudviklingen, hvor den gør (in danish)

We understand perfectly why people expect a link between bank profits and the salaries we negotiate, and the banks' large profits have, of course, served as a strong argument on our part.

On the other hand, we are facing a future and a world of great geopolitical uncertainty.  In addition, we should keep in mind that the large profits seen in 2023 and 2024 were generated during the life of the collective agreement that we negotiated in February 2023.

The result we have reached this time around concerns 2025-28, which implies that we are, to a greater extent, considering inflation than future financial statements. 

Because salary increases are not only linked to company performance; they also depend very much on inflation.

The overall objective is to ensure real earnings increases for the duration of the collective agreement, which meant very high salary increases at the 2023 collective agreement because inflation reached 7.70 per cent in 2022 and 3.30 per cent in 2023. In 2024, inflation decreased to 1.40 per cent, and forecasts show that it will remain at this level or slightly higher in 2025-27.

It’s always difficult to predict the development of the economy and inflation. Therefore, we rely on inflation analyses from a wide range of major companies, organisations, authorities and ministries, because they provide the best estimates available.

The general salary increases have been negotiated with a focus on securing real earnings, and taking the current inflation estimates into consideration, we assess this goal to be met.

In addition, salary pools have been agreed, which allow for even better pay adjustment, producing a strong overall result. Our contribution to the salary pool of 0.6 per cent per year may either be implemented as general salary increases for all employees or for some employees.

In addition, the pools may crystallise as both types over the three-year period, i.e. a mix of general and individual salary increases during the three-year term of the collective agreement

No. It’s quite difficult to analyse the agreements entered into in the other parts of the private labour market because their pay structure is very different from the financial sector.

An example is the collective agreement for the retail sector, which is a so-called minimum wage agreement, implying that only the minimum wage is adjusted by the DKK amounts stated in the agreement. Subsequently, these DKK amounts are converted into percentages. But this is about adjustments for those who are paid the minimum wage, which means that employees who already receive a higher salary are not entitled to the same salary increase. 

In addition, we know that, over the past 20 years, there has been an annual wage drift of 1 per cent in the financial sector; i.e. a salary increase in addition to the increases achieved in the collective agreements. 

The free-choice bank now provides employees with a flexible option of spending overtime earned at short notice. For example, in case of: 

• Time off for your partner's fertility treatment 
• Time off for a child’s illness lasting more than five days 
• Leave to care for a close relation who is seriously ill, has an impairment or is dying

In addition, employees’ possibility of taking time off, at relatively short notice, in lieu of hours in their free-choice bank is improved.

In future, you can take up to three days off no later than one month and five days after requesting to do so .

According to the employers, the free-choice bank holds too many hours.We agreed that the number of hours exceeding 320 as of 1 May each year may be paid into the members’ current accounts. We think that's acceptable because 1) we still have the option of saving up 400 hours, 2) we may enter into an agreement about not being paid for the hours if they are saved for a specific purpose, and 3) we believe that when you have more than 320 hours in your account, spending some of them on time off will be beneficial to your well-being.

Finanskompetencepuljen (the Finance Competence Fund) is an opportunity for both employees and companies to make use of a wide range of sector-relevant skills enhancement offers tailored to the specific additional training needs of the sector.

There is an equal allocation of funds for both individual courses and corporate courses. In other words, both Finansforbundet and Finance Denmark/Employer are making an effort to offer relevant additional training at very reasonable prices.

We pushed hard for contract employees to be included in the pool, but this was met by strong resistance. We will, of course, continue to push for contract employees to become included in Finanskompetencepuljen.

In future, employees who are referred to fertility treatment by a doctor will have the right to time off with pay. This applies regardless of whether it is the employee who is to be examined or treated for infertility due to an "illness condition", and who is therefore entitled to time off under the Danish Salaried Employees Act.

You don't have to be "ill" to have the right to paid time off for fertility treatment. It is enough to participate in fertility treatment when you have been referred by a doctor and as long as it is a medically recognised form of treatment.

In addition, employees are entitled to time off without pay if they wish to participate when their partner is undergoing treatment.

It has been agreed that newly hired IT employees in future will be employed for 37 hours, resulting in an annual norm of 1,924 hours. 

For employees hired before 1 April 2025, a local agreement may be concluded between the company and the head of local union to increase the annual norm from 1,872 hours to 1,924 hours. If such an agreement is concluded, the transition from 36 to 37 hours a week will be compensated for by payment of one hour, i.e. 2.78 per cent.

For employees hired before 1 April 2025, a local agreement may be concluded between the company and the head of local union to increase the annual norm from 1,872 hours to 1,924 hours.

If such an agreement is concluded, the transition from 36 to 37 hours a week will be compensated for by payment of one hour, i.e. 2.78 per cent.

Ja, det er ikke nogen hemmelighed, at arbejdsgiverne gerne ville sænke joblønsgrænsen, og det er nok ikke sidste gang, at vi drøfter det. Derudover ønsker jeg ikke at referere fra forhandlingerne. 

The rules have become simpler. We have deleted the concept “consultation”. Consequently, we now only use enquiries and call-in, and since enquiries are still defined as those which an employee is able to reply to immediately and without logging in, all other enquiries constitute call-ins and must be paid as such.

In addition, a notice of 72 hours must now be given instead of 24 hours when assigning on-call duty.

We were not successful with respect to achieving new rights for contract employees, but fortunately, our research into the employment conditions for contract employees shows that these employees have many of the conditions that, thanks to the negotiations, are part of the collective agreement. 

All members of Finansforbundet who are employed by a company covered by the standard collective agreement or by an enterprise-level agreement, including contract employees

Then we will convene a meeting of the Executive Committee and initiate a process during which we will most likely have to include the Conciliation Board.

We have yet to give notice of a labour dispute, but it is probable that this is the way it will go.

Then a collective agreement is in place from 1 April 2025 to 31 March 2028.