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OK23 Collective Agreement in details

Dive deeper into the content of the new Collective Agreement. Here you can get both a quick overview of the innovations and read more in-depth details.

Duration of the Collective Agreement

The collective agreement is valid from midnight April 1st 2023 till the last minute of March 31st 2025.

Salary Increases Over the Next Two Years

Your wages will increase by a total of 8.2% over the duration of the collective agreement, and the increase will be distributed by 4.5% in 2023 and 3.7% in 2024. The adjustment will take place every year on 1 July. Read more details below.

Your Salary In Details

Salary Adjustment According to Standard Collective Agreement (STOK)

The salary is adjusted by 4.5% in 2023 and 3.7% in 2024.

However, it may be agreed with the union representative to earmark 1% of the 3.7 % in 2024 for the salary pool of STOK companies.

The union representative should be aware that this requires the conclusion of a local agreement on the principles of pay that are to guide the distribution of the salary pool of 1% in 2024. Pooled funds may be used only for salary.

Salary Adjustment Under Corporate Collective Agreement (VOK)

The salary is adjusted by 4.5% in 2023 and 3.7% in 2024.

It is possible to pool funds of 1.5% in 2023 and 1.5% in 2024 of the 4.5% and 3.7% rates. The parties may agree to use the pooled funds for purposes other than salary.

Adjustment of Fixed Rates Under STOK and VOK

The fixed rates, i.e. the DKK amounts of the collective agreement, are adjusted using the same total percentage of the salary adjustment and at the same pace where it makes sense, i.e. by 4.5% in 2023 and by 3.7% in 2024. Amounts are rounded up/down to the nearest DKK 5.

This applies, for example, to on-call time, machine and system-dependent additional work, apprentice salaries, contributions to employee training funds, etc.

The fixed rates of the corporate collective agreements are adjusted, in principle, by the same percentages and terms as the sum of the general salary adjustment and the centrally agreed local salary pool (i.e. 4.5% as of 1 July 2023, 3.7% as of 1 July 2024), rounded principally to the nearest DKK 5. Small differences apply to VOKs.

Payment of Pension Savings Before Retirement

The pension agreement protocol is specified further, making it clearer when the payment, before leaving the labour market to retire, can be made and where, in any other cases, an exemption should be applied for from Finansforbundet and the Danish Employers' Association for the Financial Sector (FA).

Salary Payment

It is now possible to agree locally that salary is to be paid in arrears. If the local agreement covers already employed staff, the local agreement must contain a transitional arrangement which ensures that employees have adequate financial funds during the transitional period.


Changes and Improvements to Social Provisions

The pay period increases to 26 weeks for fathers, co-mothers and co-adopters. In addition, there is a greater focus on discussing life stages, prior learning and the potential impact of outsourcing. Read more below.

Changes and Improvements to Social Provisions In Details

Own Pension Contribution In Case of Absence Due to Illness of a Child under section 42

Going forward, employees taking full or partial leave without pay, cf. section 42 of the Danish Social Service Act, to care for a mentally or physically disabled child no longer have to pay their pension contribution during the leave of absence. The company will continue to pay its pension contributions.

Phases of Life And Real Competencies to Be Discussed In the Performance Review

It has been agreed that the matters discussed at performance interviews should also include phases of life and in this connection the wishes and needs of the employee and the company. Likewise, the interview should also be supplemented by a discussion of the employee’s real competencies.

Increased Focus on the Consequences of Outsourcing

It has been agreed that the works council in the banking and mortgage credit area should in future discuss any consequences of outsourcing/offshoring for employees.

Improved Maternity/Paternity Leave

The right to paternity/maternity leave of fathers and co-mothers is improved, increasing the weeks of paternity/maternity leave with full pay from 16 to 26 weeks. The improvement also applies to co-adopters.

The new rules apply to parents of children born on or after 1 April 2023.

As of 1 January 2024, the rules also apply to parents intended to have a parent-like relation to the child – first and foremost LBGT+ families who, according to the act in force, become entitled to paternity/maternity leave.

Framework Agreement on Distance Working

Distance Working is voluntary from now on, so written agreements are no longer necessary. The agreement can be applied directly or can be included in a local agreement, depending on the company. Read more below.

Framework Agreement on Distance Working

The agreement is made more flexible as it may either be applied directly, or a local agreement derogating from it may be entered into. However, your company still has to pay for any needed equipment and supplementary insurance. Likewise, you may agree on any extra costs that you incur from working remotely. Since distance working will be voluntary – both for the company and the employee – there is no longer a need to enter individual written agreements with a four-week termination notice.

New Working Groups Within the Sector

Working groups are being set up on data ethics in the digital evolution and the retention of seniors in the financial sector. Read more about them below.

Working Groups In Details


A working group tasked with discussing the retention of senior employees in the financial sector will be established.

This means that Finansforbundet and the FA during the coming collective agreement period will look into whether initiatives can be launched to help promote well-being and flexibility among senior employees. 

Data Ethics

In the coming collective agreement period, a data ethics working group will be established.

The purpose is to discuss data ethics in relation to applicable legislation and the digital development and together provide information on the development of data ethics for the benefit of companies and employees.

This work may include discussions of elements such as:

  • Transparency, including how employees may under the current rules gain access to knowledge on which data are being collected and for what purpose
  • Procedures for follow-up, the right to object and erasure of data in accordance with the rules in force
  • Reasoned limitations in the employees’ access to the employee data processed by the company
  • Available information on the above points

The working group is to be established by the end of June 2023 and must finish its work no later than September 2024 by issuing a recommendation for a data ethics protocol or code. 

Compensation for Overtime Work is Clarified

The job wage limit is maintained as of 1 July 2023 at DKK 54,050 per month and is adjusted to DKK 56,050 per month from 1 July 2024. It is possible to reduce the limit by local agreement. Read more below.

Fixed Salary In Details

The transitional arrangement, i.e. compensation for employees who switch to independent work planning and fixed salary, is written into the collective agreement, clarified and made permanent.

The fixed salary limit as of 1 July 2023 is maintained at DKK 54,050 per month and is adjusted to DKK 56,050 per month as of 1 July 2024.

It is possible to agree locally to lower the fixed salary limit to DKK 45,900 per month, which is a continuation of the existing limit and, as of 1 July 2024, the locally agreed fixed salary limit is adjusted to DKK 47,600 per month.

The above limits constitute the fixed monthly salary, excluding employer-paid pension.

Working Time Agreements and Holiday Rules Are Adjusted

Individual agreements on Agreed and Extended Agreed working time now have the same notice period of 3 months. In addition, financial economists, finance graduates and IT trainees have general holiday rules on concurrent holidays and the accrual of holidays in the future. Read more below.

Working Hours In Details

Termination of Agreements On Agreed Working Hours And Extended Working Hours

The employee’s and the company’s notice of termination of individual agreements on Agreed working hours (clause 6) and Extended Agreed working hours (clause 7) are now equally long. Going forward, they may therefore terminate the individual agreement on working hours at three months’ notice.

Special Work Assignments of A Marketing Nature

Clause 10 on Special work assignments is deleted.

The provision is applied rarely and less and less as years go by. Going forward, this type of working assignment will be paid under the standard rules on working hours of the STOK (clauses 5-9).

Amendment of the Time Bank Rules

The following amendment is made to clause 12.

  • The time bank’s maximum balance is reduced from 481 to 400 hours
  • Going forward, the balance is to be reviewed when an employee switches to a new position
  • Hours in excess of the company’s applied balance are paid out automatically
  • Going forward, employees may take time off in lieu for up to five days instead of three days

In addition, a transitional arrangement is introduced until 30 November 2023 for employees whose balance exceeds 400 hours – or the locally agreed maximum. Consequently, it must be decided by 30 November if the ‘in excess balance’ is to be paid out or taken as time off in lieu.

Holiday Rules Regarding Finance Economists, Finance Bachelors and IT Trainees

The new Danish Holiday Act and the introduction of the concurrent holiday have fulfilled the special needs of these employees in relation to the allocation of holidays in advance. This means that the special rules on holiday in advance of section 66(4) and the reference in section 67 to sections 55 and 53 may be deleted.

Going forward, these employee groups will fall under the general holiday rules on concurrent holidays and accrual of the holiday.

Changes to Terms In Connection With Terminations

The new collective agreement includes changes to the SU agreement, compensation measures and rules on severance pay. Read more below.

Terms in Connection With Termination In Details

Amendment of the SU (works council) Agreement

The right of priority to vacant positions in the savings bank area is deleted.
The SU agreement’s clauses that apply exclusively to savings banks previously contained a provision detailing that an employee whose contract was terminated due to business-related matters, for a period of three months, is given a right of priority to same-level vacant positions within the local area of the company.

This provision is no longer in force.

Compensation Terms Are Extended

Compensation measures are continued, and the reference stating that an outplacement plan must cost at least DKK 25,000 is replaced by a clarification of the required content of an outplacement plan.

The access to outplacement plans has contributed significantly to the members of Finansforbundet fortunately being able to find a new job rather quickly. However, experience shows that companies are in a better position to procure better plans and often in relation to other services. A minimum amount is therefore no longer specified. However, it has been clarified that the outplacement plan must be based on the needs of the terminated employee’s individual goals, and that he or she should at least be offered interviews of 1-2 hours duration.

Amendment of the Rules on Severance Pay

Equal terms in connection with termination of seniors
The rules of the collective agreement are changed in two areas.
Going forward, employees are entitled to severance pay regardless of whether they have reached the pensionable age in force at any time or retire on employer-paid pension.
Thus, seniors are treated in the same way as other employees, if terminated. The amendment also means that, to retain the right to severance pay, terminated employees are not forced to look for work for a period, before deciding to retire on employer-paid pension.

Exemption In Disciplinary Cases

An employee being dismissed based on personal disciplinary matters will no longer be entitled to severance pay. However, it is required that the dismissal is based on objective grounds, meaning that the dismissal must be based on the employee’s behaviour and that the general practices of employment law have been followed.

Union Representatives

In future, Union Representatives will have better opportunities to fulfil their role in personal cases and the opportunity to act as a counsellor at sickness absence interviews. In addition, an understanding has been agreed on the time requirement for shop steward work. Read more below.

Union Representatives In Details

Better Possibilities for Performing the Duties of a Union Representative in Personal Cases

In connection with personal cases of which the union representative is noticed, for example before offering a severance agreement, a wage reduction or the termination of a member of Finansforbundet, it is agreed that the notice to the extent possible should include the documents intended for the member.

The Union Representative May Accompany Members at Sickness Absence Interviews

It has been agreed that for interviews intended to discuss sickness absence exceeding four weeks, the member may generally be accompanied by the union representative unless the member decides otherwise.

Discussion of the Union Representative’s Pay

Going forward, the salary will be discussed as part of the collaboration interview if the interview is with the immediate staff manager. If the interview is not held with the immediate staff manager, the salary is discussed with the manager whom the union representative usually discusses salary with.

Time for Union Representative Work

The freedom of union representatives to perform organisational work has been discussed, and an understanding contribution has been agreed upon at the negotiations. The parties agree that the management must understand that the time spent by union representatives in practice will depend on their tasks, also in relation to the number of members in the election area.

Union representatives will periodically need to devote more time to the tasks compared to the normal situation, e.g. in connection with major organisational changes, large-scale redundancies, or other changes affecting the company.

The company acknowledges the special role occupied by union representatives in such extraordinary situations. Certain union representatives may periodically need to devote more time to the tasks.


The framework collective agreement for insurers has been amended, including changes to care leave, minimum wage and pay rates. Read more below.

Insureres Collective Agreement In Details

In relation to the framework collective agreement for insurers (ROK), the following amendments have been agreed upon:

  • Leave of absence to care for a child is amended by removing the requirement for payment of own pension contribution during the care leave period (section 42)
  • The severance pay of up to 18 months of pension contributions may now also be paid in cash to the employee or paid to a pension scheme
  • The minimum salary for insurers is reduced to DKK 25,000.
  • Going forward, all of the salary rates of the ROK are adjusted using the same percentages as those of the STOK.
  • The compensation measures are continued and adjusted regarding outplacement.