The 2024-2026 collective bargaining agreement for the banking sector has been approved by the ABBL and union representatives from the OGBL, LCGB and ALEBA.
In a press release dated 11 July 2024, the ABBL and union representatives from the OGBL, ALEBA and LCGB announced that they have reached agreement on the new collective bargaining agreement on working in the Luxembourg banking sector for the period 2024-2026.
The press release highlights the following key features of the agreement:
- exceptional bonus of EUR 500 for all employees, payable in 2025;
- increase to the loyalty bonus;
- financial envelope to distribute for 2024, 2025 and 2026 as reward for employee commitment;
- increase of the starting salaries and thresholds for the four groups;
- increase in the presumption of acquisition of skills;
- implementation of a minimum budget for outplacement training of EUR 5,000 (with a maximum of EUR 8,000);
- 10% increase in the annual training budget; and
- allocation of an individual training allowance of at least 16 hours per year.
The final text of the 2024-2026 collective bargaining agreement is currently in the approval phase. The agreement should therefore be signed and declared generally binding shortly.
