Enlighten your future New Collective Agreement for the Banking Sector covering the period from 2024 until 2026
New Collective Agreement for the Banking Sector covering the period from 2024 until 2026
On August 1st , 2024, a new collective labor agreement was signed for the benefit of employees working in the banking sector in Luxembourg. This agreement, which will last for three years, covers the period from January 1, 2024, to December 31, 2026. It introduces several significant improvements for employees in the sector.
One of the key measures of this agreement consists in allowing a bonus for the amount of €500 which will be granted to all employees, as part of their salaries paid for January 2025 .
Additionally, to encourage employee retention, the loyalty bonus has been increased, rewarding therefore a long-term service within the company.
Another important aspect of this agreement is the allocated for the years 2024, 2025, and 2026. This allowance will be used to reward employee’s commitment in various ways, reflecting the sector’s commitment in recognizing and valuing the contributions of its workforce.
The minimum amounts and salary thresholds for the employee’s, grouped in 4 classes: A, B, C and D, have also been increased, so that a better compensation is ensured within the board. This wage increase along with a better recognition of the skills acquired by employees , makes it easier for them to advance in their careers and to ensure their salary is increasing
Furthermore, a special emphasis has been placed on continuous training for employees. The annual budget for training has been increased by 10%, as it becomes important to enhance a skill development in a constantly evolving sector. Each employee will also be entitled to an individual training allowance of at least 16 hours per year, which must be used before the end of each calendar year.
This new collective labor agreement represents a significant step forward allowing employees in the Luxembourg banking sector, not only to receive an increased compensation and benefits but also to find better opportunities for professional development.
