The current collective bargaining agreements for the banking and insurance sectors were negotiated in 2018 and are applicable for the years 2018, 2019 and 2020.
Upon the initiative of ALEBA, ABBL and ACA have agreed, in principle and subject to the ratification of their members, to sign new collective bargaining agreements for the years 2021-2023 for their respective sectors.
The agreements take into acount the current economic climate. The essential points are:
- Banking sector: the parties have agreed to forego a salary increase in 2021 whilst maintaining a 1% increase for both 2022 and 2023.
- Insurance sector: the parties have agreed to maintain a conjunctural allowance equivalent to the one of 2020 for the years 2021, 2022 and 2023. The extraordinary bonus for insurance employees will also be maintained.
- Investment in transferable skills and employability remains a high priority for both ABBL and ACA, therefore the global training conditions foreseen in the current agreements will remain, including in 2021, financial recognition of skills acquired for employees who join the financial sector.
- At the request of ALEBA, the agreements will be amended to clarify the rights of employees above the age of 50 and thus harmonise its application throughout the financial sector.
All other articles of the current collective bargaining agreements remain unchanged.
It is hoped that the above measures will provide stability and comfort to both employees and employers in the current environment, and we are satisfied that an efficient and pragmatic agreement is in the interest of all parties.