According to the Luxembourg Bankers Association (ABBL), the new agreement is “modern, resolutely forward-looking and reflects the reality of the Luxembourg and international banking world”. The ABBL`s collective agreement aims to regulate the general working conditions between the member banks of the association and their employees. Bank and workers` representatives on Thursday formally signed the new banking collective agreement for the period 2018-2020. According to ALEBA, the agreements will guarantee the following main conditions: various measures relating to recruitment, working time, the remuneration system and training policy are explicitly included in the text of the collective agreement. In order to monitor the general development of the banking sector, abbls and trade unions have collaborated on the development of a new collective agreement (hereinafter referred to as KNA) consistent with developments in employment and activities in the banking sector. The new KNA is as follows: in a complex situation related to the health crisis, the employers` organizations ABBL and ACA, at the initiative of ALEBA, have agreed on the principle of extending these collective agreements for the years 2021, 2022 and 2023. These agreements aim to secure and stabilise all workers in the financial sector from now on and for the next three years, while continuing to focus on employability, training and skills development. A joint committee, composed in equal parts of union and employer representatives who are signatories to the collective agreement, is also responsible for monitoring issues relating to the banking sector and issues related to the application of the collective agreement. It must also define the objectives and procedures of the collective agreements to be concluded in the future. All other provisions of the 2018-2020 agreements are maintained, in particular as regards termination, the remuneration system and principles, the 13th month of bonus, remuneration for overtime, annual leave and rest days, exceptional leave and continued access to training. In an interview in May, Serge de Cillia, CEO and Chairman of the Board of Directors of the ABBL, explained that “the old collective agreement was no longer adapted to the current context: it was difficult to implement, almost illegible and involved atrocities that dated back more than 30 years.” On July 15, 2015, ABBL, ALEBA, OGBL-SBA and LCGB signed an update of the training contract.
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