A collective agreement (CBA) offers better working conditions. Specifically, it’s a mutual agreement between the trade union and employers about how your work should be carried out.
A CBA determines, among other things, your working hours, how much compensation you receive for overtime and parental leave, the length of your notice period and how much salary and pension you receive. The terms of a collective agreement often exceed legal requirements. For example, in terms of the amount of vacation you receive.
In addition, collective agreements provide predetermined conditions and common rules for how they are negotiated. Employers cannot, therefore, decide to change the conditions unilaterally. In most cases, members of the trade union that have signed the workplace agreement have the right to appoint an employee representative on their company’s board.
A collective agreement is, therefore, advantageous in many ways, not least in your wallet. Working in a company with a collective agreement can increase your income by as much as SEK 80,000 per year.
Finansförbundets collective agreement with BAO is specifically designed for the financial industry. Due to this, it has a number of unique advantages:
- The possibility to sign local workplace agreements regarding, for example, salary and working conditions.
- A restructuring agreement that helps you in the event of company reorganizations or unemployment.
- An occupational pension is paid from the first day of employment for those under 25.
- You have a say about your own schedule - an employer can’t change your working hours without consulting you.
- Your salary is protected in the event of a company reorganization.
- You have the right to a salary review - and can appeal the result of salary revisions.
The elements of our collective agreement
In our collective agreement with BAO, the Swedish banking employers’ association, there are, among other things, provisions for salaries and general terms of employment.
Collective agreement concerning salary and general terms and conditions of employment, pdf
Our agreement with BAO, the Swedish banking employers’ association, determines what applies to your occupational pension. This, in turn, is regulated by the BTP banking pensions agreement.
Our agreement with BAO, the Swedish banking employers’ association, complements arbetsmiljölagen och arbetsmiljöförordningen, the Swedish working environment act and the working environment ordinance.
There may also be local agreements with your company. Ask your local union representative.
Employees have the right to participate in discussions and decide on aspects of their employer's operations that affect them.
Our agreement with BAO, the Swedish banking employers’ association, is based on section 32 of the Swedish act on co-determination in working life.
There may also be local agreements with your company. Ask your local union representative.
Our agreement with BAO, the Swedish banking employers’ association, states that women and men should have equal opportunities in the labor market.
Our agreement emphasizes shared responsibility between employers, management, trade unions and employees.
Competence development improves the competitiveness of companies, as well as the employability of its staff.
Our agreement wih BAO, the Swedish banking employers’ association, encourages lifelong learning.
If labor disputes occur in banking and finance companies, it’s important that certain parts of their operations can still be carried out.
Our agreement with BAO, the Swedish banking employers’ association, clarifies which areas must be protected and how to ensure they are maintained.
What is a labor dispute?
Labor disputes arise from disagreements between employers and employees over issues such as working conditions and salaries. Disputes may result in strikes, lockouts or blockades.
