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New Collective Agreement

Here you can see what the negotiators from Finansforbundet and FA (the Danish Employers’ Association for the Financial Sector)

Collective Agreement

See the Standard collective agreement between the Danish Employers’ Association for the
Financial Sector (FA) and the Financial Services Union on salary and working
conditions in the banking and mortgage credit sector.

Collective Agreement


Working hours

Participation in meetings and course events

Fixed salary and independent work organisation

Local agreements

Dependants' leave

Special work assignments

Conflict exemption


The collective agreement will run for three years, from 1 April 2023 until 31 March 2025.

The outcome of the collective agreement is outlined below


Salaries will increase by 2% per year to a total of 6% over the next 3 years.

General salary increases of 4.2% have been agreed for companies covered by standard collective agreements (SCA), distributed by 2% in 2020, 1.2% in 2021 and 1% in 2022.

General salary increases of 3.4% have been agreed for companies covered by company collective agreements (CCA), distributed by 1.2% in 2020, 1.2% in 2021 and 1% in 2022.

As something new, the option for salary pools has been introduced in all companies. It is a condition that the management and professional representative of the individual company agree on the principles that apply to salary formation in the company. The professional representative negotiates the distribution of the salary pool on the basis of these salary principles. The option for local salary pools enters into force in 2021.

This means that salaries in companies with standard collective agreements will generally be adjusted by 2 per cent this year. It has been agreed that 0.8 per cent as of 1 July 2021 and 1 per cent as of 1 July 2022 may be negotiated and distributed in the local salary pools of the companies.

The pools must be distributed. This means that the total salary increase will be 6% over 3 years.

For companies covered by CCA, Finansforbundet and FA have agreed that salaries will be adjusted by 1.20 per cent on 1 July 2020, 1.20 per cent on 1 July 2021 and 1 per cent on 1 July 2022.

This means that 0.8 per cent as of 1 July 2020, 0.8 per cent as of 1 July 2021 and 1 per cent as of 1 July 2022 may be negotiated and distributed as a local framework in connection with the renewal of CCA.Adjustment of the fixed rates in CCA and SCA

Fixed rates in SCA and CCA will be adjusted by 6%, as they are primarily rounded to the nearest whole 5 Danish kroner. When no rate is mentioned in CCA, it is the same rate specified in SCA. The detailed implementation of the fixed rates in CCA shall take place by local agreement. Furthermore, the same practice used in previous renewals of collective agreements shall also be applied.

Protocol on Bachelor of Engineering students
The protocol on the employment of Bachelor of Engineering students during the compulsory training period is included in the standard collective agreement. The pay rates will be adjusted by 2 per cent as of 1 July 2020, 2 per cent as of 1 July 2021 and 2 per cent as of 1 July 2022.

New salary and working time system
The seniority-based framework and scale system no longer exist. A minimum salary of DKK 25,000 excluding pension and three distinctions above this has been introduced. A distinction at DKK 53,000 excluding pension for job pay, a distinction at DKK 70,000 for contractual employment and a distinction at up to DKK 75,000 for contributions to the Finanskompetencepuljen (Finance Competence Fund) and education grant. All amounts are monthly salaries. No one will have their salaries reduced and there are no grading rates. Transitional provisions have been agreed to, i.a.; ensure that you do not lose the salary expectation you have if you are not at the final stage.

Definition of job function based on work tasks
This is only a minor adjustment to the provisions defining the job functions of employees.

Increase in pension contributions
Pension contributions shall be increased to at least 16.9 per cent, and at least 11.65 per cent of this shall be from the company. Pension contributions will increase by 0.25 per cent on 1 July 2020, 0.25 per cent on 1 July 2021 and 0.15 per cent on 1 July 2022. The increases will apply to almost everyone.

Working Hours

From 1 July 2021, there will no longer be anything called overtime, which means that it will no longer be possible to choose five weeks of holiday and overtime payment in the holiday year that runs from 1 September 2021. This means that any overtime worked after 1 July 2021 will be paid as extra work - i.e. 1:1. In addition, this option will not exist for those employed after 1 April 2020, which is why no payment will be made for overtime. This group will therefore have 6 weeks of holiday and must also follow the rules for extra work. 

Transitional provisions have been agreed, which, on the basis of individual overtime worked over the past 2 years, will be converted into an average compensation that will be added to the individual's salary. Less than 10% of employees at branch level have chosen overtime and this group will therefore be compensated from 1 July 2021.

Job pay and independent work organisation
In the future, you can be employed on job pay if your salary is more than DKK 53,000 per month. However, a further condition is that you have an independent work organisation. Independent work organisation is a very important new concept. This means that - in order to be considered for job pay - the employee has the right to co-determine the work performed, as well as the timing and performance of work tasks. The employee then administers his/her own working hours. As employees on job pay are not remunerated for extra work, and as the parties agree no abuse may take place, the manager and employee continuously assess whether there is a reasonable relationship and balance between working hours and the scope of work tasks.

Improvement of hour bank account
The hour bank account will be improved as dependants' leave and holiday days granted through a collective agreement are deposited in the hour bank account. This means that 5 days of dependants' leave are deposited in the hour bank account every 1 January and 6 holiday weeks are deposited every 1 September. It could be said that it is our free choice programme, as you decide for yourself whether you wish to deduct the days from the hour bank account as time off or cash payment.

Deferred rest periods shall be paid by the company
If the employee is due to meet later the following day due to extra work, the company shall pay for the deferred rest period.

Social Provisions

Compensation in the event of death in the group insurance regulation will be increased from DKK 150,000 to DKK 200,000 with effect from 1 April 2020.

Dental insurance will be made permanent.

Pension contributions are paid during the settlement of deferred leave according to section 11 of the Act on Entitlement to Leave and Benefits in the Event of Childbirth, which is held 60 weeks after childbirth.

Skills Development

The contribution to Finanskompetencepuljen is maintained at DKK 350 per employee. But more employees will be covered by Finanskompetencepuljen in the future. All employees with a salary of less than DKK 75,000 per month are now covered, even if they are contractual employees.

Increased education grant
The educational grant will be increased by DKK 100 per six months, and the group of employees to be paid contributions will be expanded. The increase applies to, among others, satisfaction counsellors, as it is important to improve job satisfaction for employees. Satisfaction counsellors will help the individual companies by systematically working with job satisfaction.

Job Satisfaction and Work Environment

There is a consensus on ensuring that active efforts are made to promote job satisfaction and prevent stress both at company and departmental level and in relation to individual employees.

In future, the cooperation committee may initiate activities for the prevention of stress.

A committee on job satisfaction will be set up together with the cooperation committee. A terms of reference has been agreed, which will, i.a., allow joint job satisfaction surveys to be carried out.

It should also be emphasised that the new provision on independent work organisation is expected to have a very positive effect on job satisfaction and significantly counteract stress, as our job satisfaction surveys show that the well-being of independent employees is significantly higher, and the incidence of stress much lower.

Union Work

There is a consensus on making union representative cases more flexible and taking possibilities for redeployment into account.

There is a consensus that the union representative shall have the time and opportunity for solving his/her tasks for the company and taking care of his/her job as union representative. Both the union representative and the union representative's department shall therefore have their objectives reduced. 

There is a consensus that severance agreements on the company's initiative are equated with dismissal in the agreement on union work. 

There is a consensus that the rules concerning notice for union representatives in cases of salary cuts or dismissal are improved.

Rules concerning the processing of union disputes will be adjusted. 

Contractual Employees

Contractual employees will have more options to choose from than in the past. Contractual employees who make up to DKK 75,000 per month will contribute to and be able to draw on Finanskompetencepuljen and the educational grant. In the event that a conflict between the contractual employee and management arises, Finansforbundet will take the case on behalf of the member. 

Transitional Provisions and Guidance

Agreements have been concluded on transitions from overtime to extra work, which means that employees who are transitioned over to extra work on 1 July 2021 will receive a salary increment based on the average overtime they have worked over the past 2 years. The same applies to employees who are transitioned from normal employment to job pay. Employees who are not in the final stage will retain their seniority increases until they reach the final stage. The intention is therefore to compensate the individual, as the transition is a cost neutral correction.

A common guidance has been prepared for job pay and independent work organisation. The parties will conduct joint briefing meetings on the new salary and working time system. 


It should be clarified that the basis for the calculation of pension may be adjusted locally.

This is to ensure that adequate agreements on compensation for technical failure may be concluded.

Removal of a local agreement requirement in order that the individual employee can agree to transfer holiday days. In addition, an editorial correction prompted by the new Danish Holiday Act will be made.

Minimum salaries will be adjusted according to the same overall salary adjustment as SCA companies.

There is a consensus on making union representative cases more flexible and taking possibilities for redeployment into account.

Pension contributions will be increased to 16.9 per cent by 31 March 2023, unless the financing of the increase within the salary framework cannot be agreed locally.

The educational grant will be increased to DKK 910 per full-time employee and DKK 445 per part-time employee, unless the financing of the increase within the salary framework cannot be agreed locally. The increase applies to, among others, satisfaction counsellors. 

Corporate Collective Agreements

Deviation appendices have been agreed for Nykredit, JN Data, Danske Bank and Ekspres Bank. 

Companies with a special collective agreement – members of the FA