Luxembourg trade union ALEBA has announced the renewal of collective labour agreements for the banking and insurance sectors for the years 2021-23.

The current collective agreements for these sectors were negotiated in 2018 and are applicable for the years 2018, 2019 and 2020.

In a complicated situation linked to the health crisis, at the initiative of ALEBA, the employers' associations ABBL and ACA agreed in principle to renew these collective agreements for the years 2021, 2022 and 2023. These agreements aim to secure and stabilise, as of now and for the next three years, all employees of the financial sector, while continuing to focus on employability, training and skills development.

According to ALEBA, the agreements will ensure the following main conditions:

Banking sector 

- application for 2021-23 of the 2020 scale for the basic monthly remuneration by group;

- in 2021, payment of the presumption of skills acquisition for employees during the first eight years of their career up to 1% per year up to the threshold per group;

- in 2022 and 2023, compensation for the acquisition and implementation of skills (1% of payroll) to be distributed;

- maintenance of training budgets of 1%, 1.5% and 1.5% respectively for 2021, 2022 and 2023;

- allocation of a 26th day of annual leave to employees aged 50 and over

Insurance sector

- application for 2021-23 of the 2020 scale for the basic monthly remuneration by group;

- continuation of the three-year guarantee;

- continuation of the annual economic bonus for 2021, 2022 and 2023 on the basis of 2020 amounts;

- annual extraordinary bonus of €300;

- allocation of a 26th day of annual leave to employees aged 50 and over.

All the other provisions of the 2018-2020 agreements remain in place, particularly in terms of notice, system and principles of remuneration, the 13th month bonus, remuneration for overtime, annual leave and rest days, extraordinary leave and continued access to training.

These agreements in principle with ABBL and ACA remain subject to ratification by their members as well as to the approval of the decision-making bodies of ALEBA.