New collective bargaining agreements 2021/2023 for the Banking and Insurance sector 

After six months of negotiations, the trade unions along with the Luxembourg Bankers Association (ABBL) and Luxembourg‘s Insurance Companies Association (ACA) have reached two collective agreements applicable to the banking and the insurance sectors from 1 January 2021 until 31 December 2023.

These agreements will govern the employment of some 50,000 employees in the banking and insurance sector in Luxembourg.

Among the highlights of the new collective agreements: the right to disconnect, the integration of the new collective agreement on teleworking and the right to social leave of at least 5 days per year.

Concerning the banking sector, the agreement provides for the payment of linear salary increases of a total envelope of 1% in 2022 and in 2023, the implementation of a re-evaluation of at least EUR 15 (index 100) in case of a change of group, and the payment of a monthly minimum of EUR 3 (index 100) for employees working from home.

Concerning, the insurance sector, employees will benefit from an increase of basic salary based on a guarantee of advancement over a period of 3 years, the continuation of a June bonus and an exceptional “Covid” bonus of EUR 500 gross payable in September 2021.