A collective agreement 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 collective agreement 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.
The Finance Association's 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.