Following 18 months of talks, trade unions Aleba, LCGB, and OGBL agreed on the new bank union agreement with the ABBL banker's association on Wednesday.

The administrative councils of the trade unions received details from the tentative settlement that was established last week.

Now the details

The next step was for the administrative councils of each trade union to discuss the details of the proposed deal. The administrative councils of LCGB and Aleba met on Monday and Tuesday respectively. The OGBL committee will meet on Thursday.

The new collective banking agreement would affect the approximately 15,000 people in the sector. The agreement concerns a new classification and pay system as well as improving training and working hours.

Working hours

The new legislation on the organisation of working hours will be included in the new agreement.

Alongside the legislative factor, the agreement will include provisions setting out how employees can adapt their own working hours. Aleba secretary general Laurent Mertz emphasised that the banking collective agreement would go far beyond the legislative changes.

10% bonus raise

With the agreement in force until 2020, according to the LCGB, the collective agreement would not change much in 2018 beyond a 10 per cent increase in bank staff's June bonuses.

Gabriel de Letizia from the LCGB explained that the new payment system would begin next year.

Mertz expressed his joy that the administrative council had unanimously accepted the tentative settlement.

New joint committee

According to Véronique Eischen from OGBL, the new union agreement would also set up a sector-wide joint committee. The committee would be able to make decisions on issues such as employee functions being incorrectly defined. Eischen emphasised that this does not yet exist. 

The OGBL has said it is not entirely satisfied with the agreement, as it claims that certain guarantees on the rating scale have been lessened.