Banking Agreement Luxembourg

KPMG supports clients by offering tailored services and offering a fully adaptable package. A team of dedicated experts, with in-depth knowledge of the new CBA methodology, will support banks in this direction. Employees of banks active in the Luxembourg financial market are protected by a collective labour agreement (CTC). This collective agreement is concluded by the trade unions, which are managed by ALEBA as the main financial sector union, and by employers, i.e. members of the Luxembourg Association of Banks and Bankers (ABBL),, usually for a period of three years. The collective agreement of bank employees guarantees good working conditions that often go beyond what the Luxembourg labour code requires. The current collective agreement was negotiated and signed in 2018 and is valid for 2018, 2019 and 2020. Various measures relating to recruitment, working time, the remuneration system and training policy are explicitly included in the text of the collective agreement. According to ALEBA, the agreements will guarantee the following main conditions: they are the result of negotiations between the banking sector and trade unions and are seen politically as promises of social peace in this sector. Bank representatives and the worker officially signed the new bank collective agreement for the period 2018-2020 on Thursday. In a complex situation linked to the health crisis, the employers` organizations ABBL and ACA, at the initiative of ALEBA, have agreed, in principle, to extend these collective agreements for the years 2021, 2022 and 2023.

These agreements aim to secure and stabilize all employees in the financial sector now and over the next three years, while continuing to focus on employability, training and skills development. A new collective agreement for 2014, 2015 and 2016 was signed on May 15, 2014. On request, you will receive a copy of this agreement in paper (in German, French or English). All other provisions of the 2018-2020 agreements are maintained, including termination, the compensation system and principles, the 13th monthly bonus, overtime pay, annual leave and rest days, exceptional leave and continuous access to training. The ABBL collective agreement aims to regulate general working hours between the association`s member banks and their employees. The new collective agreement (available in French) for 2018-2020 was officially signed on 12 July 2018 by ABBL, ALEBA, LCGB-SESF and OGB-L. These agreements in principle with the ABBL and the ACA remain subject to ratification by their members and the approval of ALEBA`s decision-making bodies. Current collective agreements for these sectors were negotiated in 2018 and are valid for 2018, 2019 and 2020. The Luxembourg trade union ALEBA has announced the extension of collective agreements for banks and insurance companies for the years 2021-23. In an interview in May, Serge de Cillia, Chairman of the Board of Directors and Chairman of the AbBL Board of Directors, stated that “the old collective agreement is no longer adapted to the current context: it was difficult to implement, almost illegible and included atrocities dating back more than 30 years.” On July 15, 2015, ABBL, ALEBA, OGBL-SBA and LCGB signed an update to the training contract.