Support for ING Luxembourg Employees OGBL, the national union, wishes to express its profound support for the employees of ING Luxembourg following the recent terminations of accounts of numerous individuals, causing a wave of concern and uncertainty among clients and employees. Why did ING Luxembourg make this decision? We question the motivations of ING Luxembourg in unilaterally terminating the contracts of tens, or even thousands, of individuals, of whom 49% of the 124,000 retail clients have no commercial relationship with any other bank. This action raises numerous questions about the future of the bank, especially regarding its “retail” line, which encompasses not only individuals but also SMEs and medium-sized enterprises. Significant Impact on Clients and Employees This sudden decision has triggered a barrage of negative reactions, both in the press and on social media, and has led to multiple questions. The affected clients now have only two months to transfer their assets to another bank, which also has repercussions on waiting times for opening new accounts at other institutions. Unwavering Support for ING Luxembourg Employees OGBL wishes to reaffirm its unconditional support for the employees of ING Luxembourg. We acknowledge the potential impact that these mass terminations can have on the stability and security of employment within the bank. Employees, who are the backbone of the institution, should not be collateral victims of opaque and potentially harmful strategic decisions. Request for Clarifications to ING Management OGBL has sent a letter to the management of ING Luxembourg, with a copy to the employee delegation, to request clarifications and assurances regarding the impact of these decisions on the staff. We seek detailed explanations on the reasons for contract terminations, the impact on the “retail” line, and the future of banking operations, as well as assurances regarding job protection and employee safety. We remain available for any constructive discussions aimed at ensuring the protection and well-being of the employees. Communicated by the OGBL Finance Sector, June 3, 2024
Bénéfices stratosphériques et salariés ignorés dans le secteur bancaire: une situation intolérable ! La prospérité récente du secteur bancaire est indéniable, mais malheureusement, cette réussite ne se reflète pas dans les conditions de travail des salariés. Malgré les bénéfices astronomiques, les salaires stagnent, les heures supplémentaires s’accumulent, et les inégalités se creusent. Nous exigeons des changements fondamentaux : des augmentations salariales, une reconnaissance véritable de la valeur des salariés, et une répartition équitable des bénéfices. L’Association des Banques et Banquiers, Luxembourg (ABBL) ose justifier son refus catégorique d’augmenter les salaires en prétextant d’hypothétiques menaces sur la compétitivité. Mais comment peut-on ignorer le rôle crucial des salariés dans la prospérité du secteur ? Ce sont eux qui, par leur engagement quotidien, ont façonné le succès actuel, créant ainsi une situation économique enviable. Face à cette injustice, les syndicats réclament avec force une reconnaissance accrue de l’engagement des salariés. Nous demandons des améliorations concrètes : des salaires dignes, une protection contre les licenciements abusifs, des opportunités de formation équitables, et un meilleur équilibre entre vie professionnelle et vie personnelle. L’égalité salariale et la promotion de conventions collectives sont essentielles pour garantir des conditions de travail équitables pour tous. Il est temps de mettre fin à la résistance obstinée du secteur financier. L’avenir du secteur repose sur l’ensemble de ses salariés, et non pas uniquement sur les nouveaux venus ! Des mesures doivent être prises pour assurer sa stabilité et sa durabilité à long terme. La digitalisation dans le secteur financier n’est pas une nouveauté. Son impact sur l’organisation et les conditions de travail, incluant la création ou la suppression d’emplois, devient de plus en plus apparent. Cela nécessite une régulation, tant pour préserver la santé mentale et le temps de travail que pour assurer la sécurité et la formation. La transition vers la digitalisation et l’utilisation adéquate des outils numériques offrent de nombreux avantages économiques et sociaux, mais elles peuvent aussi présenter des dangers professionnels et légaux. Des métiers entiers disparaissent tandis que de nouveaux émergent, ce qui peut conduire à davantage de licenciements collectifs ou de plans sociaux. Il est donc essentiel d’instaurer des mesures préventives, intégrées aux conventions collectives, pour sécuriser les emplois actuels et futurs. De même, il est crucial de fournir une formation individuelle pour renforcer les compétences informatiques de tous les salariés, en particulier les plus vulnérables sur le marché de l’emploi, afin de garantir leur efficacité professionnelle. L’ABBL propose un catalogue minimaliste qui ne fait que dégrader les conditions, tandis que les syndicats visent un catalogue incluant des améliorations à la fois quantitatives et qualitatives. Les salariés sont le cœur et l’âme du secteur financier luxembourgeois, et il est grand temps de les placer au centre des priorités. Nos revendications : Intersyndicale ABBL Rémunération – Augmentation du seuil de départ de 4 % – Révision du barème à hauteur de 100 points indice 100 sur une carrière de 10 ans (soit a minima 94,44 € par an) au lieu de 8 % pendant les premières 8 ans – Si pas d’augmentation via le barème, alors une augmentation de 2,5 % linéaire – Révision à la hausse de la prime de fidélité : accélération et accroissement – Introduction d’un nouveau groupe E – Introduction d’un nouveau groupe cadres (hors barème, mais pas hors CCT) : avancements des salariés du groupe cadre à fixer au sein de chaque entreprise – Suppression de toute augmentation linéaire – Suppression de la prime de fidélité – Diminution du taux de majoration des heures supplémentaires de 50 % à 40 % – Diminution du taux de majorations des heures travaillées lors d’un jour férié de 50 à 40 % Employabilité et Sécurisation de l’emploi – Garantie du droit individuel à la formation et création d’un compte épargne formation individuel (CEF) – Rappel du droit à un plan de formation personnalisé du salarié après diagnostic personnalisé des compétences et si risque de perte d’emploi – Renforcement des droits individuels et collectifs en cas de licenciement pour des raisons non inhérentes à la personne – Suppression de l’entretien préalable en cas de licenciement pour une entreprise de plus de 100 salariés – Raccourcissement du délai de l’entretien préalable – Suppression de la définition des critères et des modalités en entreprise en cas de licenciement économique Conciliation vie professionnelle/vie privée et santé mentale – Temps de travail : flexibilisation dans les deux sens (9 à10 heures par jour ; durée par semaine ) avec compensation via des jours de repos – Renforcement du droit au temps partiel en cas de besoin pour le salarié – Réglementation du travail atypique (astreintes et permanences actives et passive) – Fortification du droit à la déconnexion – Renforcement de la mise en place d’un CET – Ajustement pour des cas sociaux très spécifiés (ex. enfant mort-né) – Obligation de l’employeur pour contrer les risques psychosociaux – Introduction d’un accord concernant l’utilisation et les conséquences en termes d’emploi concernant l’AI – N/A Consolidation du droit des délégations dans les entreprises – Granularité et qualité des données à recevoir – Codécision – Suppression des obligations de réunion de la commission paritaire Pour une place financière luxembourgeoise durable et prospère Nous sommes à un tournant crucial de notre économie et de notre société. Pour maintenir le leadership de la place financière luxembourgeoise, il est primordial de considérer ses employés non comme de simples coûts mais comme des ressources essentielles sur lesquelles investir. Face à cette nouvelle réalité économique et sociologique, il est impératif de répondre par le biais d’une convention collective sectorielle qui apporte des améliorations tangibles, à la fois quantitatives et qualitatives, dans l’intérêt mutuel des salariés ET des employeurs. La place financière luxembourgeoise est le fruit du travail acharné et de l’engagement quotidien de chaque homme et femme qui la constitue et la façonne. Elle ne peut en aucun cas être bradée ou vidée de sa substance. Nos salariés ne sont pas à brader ! C’est pourquoi nous appelons à une action résolue pour protéger et valoriser notre place financière, en mettant l’accent sur la convention collective comme l’instrument le plus approprié pour concilier les intérêts des employeurs et des salariés, tout en garantissant la stabilité et la paix sociale dans notre secteur. Ensemble, engageons-nous à préserver et à renforcer la place financière luxembourgeoise pour les générations futures. Pour une place financière solide, dynamique et durable. Publié par l’OGBL, l’ALEBA et le LCGB, le 16 mai 2024
Les employés du secteur financier en sont l’épine dorsale ! L’intersyndicale OGBL-LCGB-ALEBA était réunie le 24 avril 2024 pour des discussions portant sur les négociations des conventions collectives de travail du secteur financier. Représentants des salariés de ce secteur au Luxembourg, l’OGBL, le LCGB et l’ALEBA souhaitent souligner leur adhésion au fait que le secteur financier est primordial pour l’économie luxembourgeoise et rappeler l’importance cruciale de son personnel. Les employés sont le véritable pilier économique du Grand-Duché. Le secteur tire sa force de la très haute qualification et de l’engagement de ses employés, qui constituent le capital vital des entreprises. Or aujourd’hui, ce capital est trop souvent négligé ; les conventions collectives, qui ont expiré fin 2023 et qui sont actuellement en négociation de renouvellement entre le patronat et l’intersyndicale, en sont un enjeu majeur. Malheureusement, les discussions en cours ne visent pas une amélioration substantielle des anciennes conventions collectives. L’ABBL et l’ACA (d’après leurs catalogues de revendications) souhaitent plutôt faire une détérioration des précédentes conventions plutôt que de les utiliser comme base de négociation pour une amélioration quantitative et qualitative. Cela apparaît aux syndicats comme un dangereux retour en arrière pour les employés du secteur bancaire et assurance, alors même que l’ABBL, par la voix de son nouveau président, a récemment annoncé des bénéfices records à hauteur de six milliards pour l’exercice 2023 ! Les députés luxembourgeois quant à eux ont bien compris l’importance du secteur financier, et lui ont fait la part belle en le renforçant lors du dépôt du projet de budget. Face aux défis actuels, le front commun syndical OGBL-LCGB-ALEBA s’engage à défendre farouchement les intérêts des salariés et à se battre pour préserver et sécuriser l’emploi, améliorer l’accès à la formation, garantir une meilleure rémunération juste pour tous, dans un secteur vital de l’économie luxembourgeoise, améliorer les conditions de travail, et promouvoir (favoriser) l’équilibre entre vie professionnelle et vie privée en réduisant le recours abusif aux heures supplémentaires, véritable fléau du secteur. Garantir la compétitivité d’un centre financier luxembourgeois solide, substantiel et doté d’attributs uniques passe par l’attrait continu du secteur grâce à de bonnes conditions de travail et de rémunération. Il est donc essentiel d’avoir des conventions collectives solides. Nous en sommes encore loin. L’intersyndicale exhorte donc les salariés à rester vigilants et à se tenir prêts à prendre les mesures syndicales appropriées si nécessaire. Communiqué le 25 avril 2024
Challenges and opportunities: Luxembourg’s Changing Financial Sector Luxembourg’s financial sector has shown remarkable resilience in recent years, while other parts of the global economy have been hit by a series of crises. Here we take a look at recent developments in this key sector and the challenges facing financial sector employees. An unscathed sector: Luxembourg’s financial sector despite the crises While rising inflation and interest rates are causing concern around the world, Luxembourg’s financial sector has so far felt surprisingly little of it. The crises since the Covid-19 pandemic have hardly affected the sector, which has recovered quickly. One third of Luxembourg’s gross domestic product depends on the financial sector, making it a key driver of the country’s economy. The effects of inflation and interest rates Nevertheless, banks in Luxembourg are not entirely immune to the effects of inflation and rapidly rising interest rates. This has led to a significant increase in value added in the banking sector. Demand for credit has declined as a result of rising interest rates, both from companies and households. Although this trend is expected to continue, the Luxembourg banking sector recorded an increase in value added due to the significant increase in interest margins and net commissions. Challenges for financial sector employees At a time when banks are once again posting record profits, with 2022 seeing the best net profits since 2016, the question arises as to what is happening to employees in the financial sector. The sector’s pay structure is currently based on the principle of meritocracy, which means that only members of management and a few beneficiaries benefit. The gap between the top earners in the financial sector and the workers who keep the system running every day is widening. The median wage is no longer affordable for “ordinary” employees in banking and finance. The reality for the majority of employees Salaries have been stagnant for years, and the lowest entry level salary in a bank is barely above the qualified minimum wage. At the same time, work intensity is rising sharply and overtime is multiplying, leading to serious health problems such as burnout. Many find themselves trapped in jobs with no career prospects, creating a serious recruitment problem for companies. OGBL’s demands on the financial sector Faced with these challenges, the OGBL Financial Sector is calling for fundamental change. It advocates collective wage increases to make compensation in the financial sector more equitable. A key point is a linear salary increase of at least 6% over the next three years, as well as an adjustment of salary scales and a budget for equal pay and collective increases for all. The OGBL Financial Sector also stresses the need for secure professional reorientation to support employees in the face of technological change in the sector. This means promoting continuous training for employees in new technologies and working methods. Work-life balance Another important point: flexible working conditions to improve the work-life balance and the introduction of a right to part-time work, accompanied by guarantees of return to the original contract. The financial sector, a driving force for social change Finally, the OGBL Financial Sector stresses the importance of a paradigm shift in the financial sector, with an emphasis on serving people. It advocates a balanced consideration of the economic interests of the country and the quality of life of its citizens. Collective bargaining for the sector will take place this year and the OGBL Financial Sector will defend its demands with determination. As the largest union in Luxembourg, it is taking the lead in pushing its agenda. Overall, it appears that the Luxembourg financial sector faces challenges, but also offers opportunities for positive change. Fair pay and better working conditions are key to creating a healthy and sustainable financial sector in Luxembourg, which remains a driving force behind the country’s economy. The financial sector plays a crucial role in Luxembourg’s economy, but employees often face challenges and uncertainty. As a result, many of them are turning to other sectors. In order to attract and retain the best talent and ensure the stability of the financial sector, a significant increase in salaries is required. Raising salaries in Luxembourg’s financial sector is not only important, it’s the right thing to do for a number of reasons: Economic stability: The financial sector is of vital importance to the Luxembourg economy. Banks in Luxembourg make a significant contribution to the gross national product of the Luxembourg economy and provide highly complex services. Adequate remuneration of employees is therefore essential to ensure that they are motivated and perform their duties efficiently. The added value of each employee in the financial sector is enormous and, measured against their knowledge and skills, justifies a salary increase. Lack of qualified staff: Attractive salaries are essential to attract and retain qualified professionals in the sector. As a financial center, Luxembourg must remain competitive if it is not to lose its position. In addition to political and social stability and low social costs, the financial center relies on highly qualified professionals. A shortage of qualified personnel could jeopardize Luxembourg’s financial stability. Motivation and job satisfaction: Fair remuneration increases the motivation and job satisfaction of employees in the financial sector. The result is higher productivity and quality of work. In the face of global competition, it is essential to compete on the basis of quality, expertise and excellence. Social stability: Decent wages contribute to social stability by improving the financial security of employees. This has a positive impact on general well-being and social inclusion. Image and reputation: Adequate remuneration strengthens the image and reputation of Luxembourg as a financial center. It shows that Luxembourg treats its employees fairly and is perceived as an attractive location. Fighting inequality: Pay increases for all in the financial sector can help reduce social inequality. A fairer distribution of income reduces the gap between high and low earners. This gap is particularly wide in the financial sector.
Perpetuity, substance, and collective agreements as key elements to shape the future of the financial sector. The financial sector requires stability, substance, and strong collective agreements to address both current and future challenges. This was the common conclusion reached by the Financial Sector Union of OGBL and the Minister of Labour, Georges Engel, following a recent meeting at the request of OGBL. A delegation from the Financial Sector Union of OGBL, led by Sylvie Reuter and Serge Schimoff, recently met with the Minister of Labour to discuss the current situation and the future of the financial sector in Luxembourg. OGBL wanted to draw the Minister’s attention to several dysfunctions in the financial sector. OGBL also informed the Minister that the two sectoral collective agreements in the financial sector (banking and insurance) will expire this year. Increase in collective agreement coverage rate. OGBL and the Minister agreed on the importance of collective agreements, especially in a sector like finance, which is partly driven by large international groups from abroad. The Minister of Labour indicated that the government’s national objective is for at least 80% of employees to be covered by a collective agreement. OGBL drew the Minister’s attention to a major problem faced by the financial sector. In reality, the two sectoral collective agreements currently only apply to a fraction of banking and insurance employees. Many employees are now considered “senior executives” by their companies, without meeting all the criteria for this status according to Luxembourg’s current standards, thus escaping the scope of collective agreements. Furthermore, almost all non-banking and non-insurance employees in the financial sector do not have a collective agreement. The problem here is primarily that the companies involved do not seem to be organized under an employers’ federation that could serve as an interlocutor for negotiating a collective agreement. The Minister of Labour and OGBL also emphasized the importance of the financial sector for the Luxembourgish economy and stressed that good working conditions remain essential to maintain the attractiveness of the financial center. In this context, the issue of reducing working hours is particularly important to the Minister. OGBL expressed openness to discussing this matter, especially considering that atypical working hours are common in the financial sector. OGBL also highlighted that bank employees are increasingly working overtime without it being accounted for as such. Similarly, it has become common for employees sent on missions abroad to use their remote work days, bypassing the use of detachment contracts as required by labor law. Lastly, OGBL insisted that working time related to on-call duties and standby services should be regulated within the framework of collective agreements. Another consensus between OGBL and the Minister of Labour is the essential role of continuous training and professional reorientation in today’s and tomorrow’s digital finance world – “reskilling” and “upskilling” are the keywords for the future. OGBL emphasized that by developing individual rights to training, employees would be better prepared for new realities, digital disruptions, and ongoing restructuring dictated by purely strategic reasons. Equal social dialogue in companies. The financial sector is heavily affected by mergers, splits, and business transfers. OGBL informed the Minister that many international groups do not respect Luxembourgish legislation in this regard. For example, during job cuts resulting from mergers, companies circumvent negotiating social plans (“salami tactics”). OGBL also complained that employees and employee representatives in several banks such as RBC, CACEIS, Credit Suisse, or UBS are currently left uncertain about their professional future. Social dialogue between management and employee delegations is deficient or even paralyzed, to the detriment of employee well-being. Improvements are needed in this regard as well. It is crucial to improve working and salary conditions, as well as address existing dysfunctions, to prevent further loss of attractiveness of the Luxembourgish financial sector. The banking collective agreement, as mentioned above, has significantly lost substance in recent years, making it difficult to attract or retain employees and talents in this sector, which is nonetheless crucial for Luxembourg. Finally, the Minister of Labour also took the opportunity to reflect on the role of the financial sector, particularly the work performed by employees during the Covid-19 pandemic. The Luxembourgish economy, with its strong reliance on the financial sector, has greatly benefited from their contributions. Press release by the OGBL Financial Sector trade union July 12, 2023
Signature of a Social Plan at the Edmond de Rothschild Bank (Europe) After two weeks of negotiations, a social plan was signed on February 10, 2023 between the management of Banque Edmond de Rothschild (Europe), the OGBL staff delegation, the OGBL Financial Sector, ALEBA and LCGB-SESF. The bank is faced with the need to reduce costs at the operational level and is forced to cut positions, mainly in support functions. Thanks to a strong commitment throughout the negotiations, the staff delegation in partnership with the unions succeeded in reducing the number of redundancies from 26 to 20. Within the framework of this social plan, the staff delegation and the trade unions were able to negotiate additional measures for the employees concerned, such as job retention measures, measures to secure employment and social as well as financial support measures. The social plan contains, among other things, the payment of a social bonus, the payment of a non-statutory allowance plus a family allowance, as well as an outplacement and/or training budget. Thanks to the work done throughout their mandate, the staff representatives at Edmond de Rothschild were able to establish a climate with the management that enabled constructive discussions to take place in the development of this social plan. Communicated by OGBL, ALEBA and LCGB, February 15, 2023