After over six months of negotiations, employers and trade unions managed to reach an agreement and signed both contracts.

The Independent Luxembourg Trade Union Confederation (OGBL) and the Luxembourg Confederation of Christian Trade Unions (LCGB), both of which were also in conflict with Aleba, the other trade union of the banking sector, claim the improvements in the new agreement as their achievement.

The three trade unions signed renewal agreements for both collective agreements with the Association of Luxembourgish Banks and Bankers (ABBL) and the Association of Insurance and Reinsurance Companies (ACA) on Thursday.

The new agreements will retroactively be valid from 1 January 2021 to 31 December 2023.

They guarantee a salary increase of at least 0.5% from 1 January 2021, as well as a €500 bonus for employees in the insurance sector. Salary increases will be at least 0.7% in 2022 and at least 0.5% in 2023.

The collective agreements also provide for a right to disconnection and five days of social leave per year.