Successful collective bargaining reaps rewards for finance workers in Norway

Thursday 31 May 2018

All finance employees in Norway have the right to receive a wage that will compensate for inflation and rise in line with productivity gains as they are strong contributors to the profitability of the finance sector. The past year has paid out major dividends to shareholders, while many employees have lost purchasing power.

After intense negotiating with Finance Norway, under the supervision of The National Mediator’s Office on 29th – 30th May, FSU-NO achieved some important changes to their General Agreement:

  • A general wage increase of 1 percent per 1 May 2018. A minimum of 4000 NOK annually. This increase constitutes 32 percent of the settlement this year. The remaining percentage is distributed at the local level;
  • Employees on parental leave for at least 5 months will receive one pay grade when they return to work;
  • The lowest pay grade in the financial sector will be increased from 286 547 NOK to 333 218 NOK;
  • The general wage increase within our negotiating area should be the norm for managers and other employees in the company;
  • An extension of the salary system with 4 more pay grades on the top;
  • A working group consisting of representatives from FSU-NO and Finance Norway will discuss the wage negotiation model for the finance sector within 31 December 2018;
  • The negotiation partners have the intention of removing the existing pay grade system, by replacing it with a non-graded system with minimum and maximum levels. A working group will present a model with deadline 31 December 2018;
  • All temporary staff working in a company for more than 3 months are entitled the same working-and salary conditions as all full time employees;
  • Changes in our early retirement scheme achieved for people with long term sick leave or being redundant due to situations in the company (AFP).

We fully support FSU-NO in their responsible demands to develop long-term oriented business models that benefit companies, employees and societies, and we congratulate them on a successful collective bargaining result.