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Collective agreement – also of great value to employees on individual contracts

Officially, parts of the collective agreement do not apply to employees on individual contracts. Nonetheless, a review conducted by Finansforbundet of individual contracts in the financial sector shows otherwise.

As regards pay and employment terms, your rights as a contract employee appear from your individual contract combined with ordinary law, e.g. the Danish Salaried Employees Act (funktionærloven), the Danish Holiday Act (ferieloven) and the Danish Equal Opportunities Act (ligebehandlingsloven). 

Nevertheless, Finansforbundet's collective agreements are of great importance to employees on individual contracts.   

This is the result of a review of a vast number of individual contracts conducted by Finansforbundet. The contracts stem from both large and small financial services companies.
 
When companies hire candidates on the basis of individual contracts, they may choose not to let certain terms from the collective agreement apply to them or be included in their monthly pay. 

However, the review shows that a large number of the employees on individual contracts are in fact still entitled to some of the benefits negotiated by Finansforbundet in the collective agreements.  

This applies in particular to:  

  • Employer’s pension contribution  
  • The sixth week of holiday  
  • Annual salary review 
  • Increased holiday supplement, often of 3.25%  
  • Extra (bank) holidays 
  • Paid health, dental and group life insurance 
  • Full pay in connection with child illness, maternity/paternity leave and leave to care for closely related persons. 

Therefore, you can also use the collective agreement in your salary negotiation.

See the list: Inspiration for your salary negotiation

What is a collective agreement?

What is a collective agreement?

Finansforbundet and Finance Denmark/Employer negotiate the standard collective agreement in the financial field.

The collective agreement sets out pay and employment terms. 

The draft renewing the standard collective agreement is approved by the Assembly of Representatives of Finansforbundet. Subsequently, the draft agreement is put to a vote among the members. If a majority votes in favour of the collective agreement, it will enter into force on 1 April.  

The agreement negotiated by Finansforbundet and Finance Denmark/Employer is called the standard collective agreement (STOK). The STOK applies to all companies that are members of Finance Denmark/Employer, which is about 120 companies in the financial field. 
 
A number of major companies negotiate their own company collective agreements (VOKs) based on the STOK. 
 
This applies to: 

  • Arbejdernes Landsbank 
  • Danske Bank  
  • Express Bank 
  • Jyske Bank   
  • Nordea 
  • Nykredit 
  • Ringkjøbing Landbobank