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This means that the strike, due to begin on Wednesday morning, and the retaliatory lockout threatened by the employers, will now not go ahead. And the overtime ban has been lifted to take immediate effect.



The agreements cover some 23,000 employees, working at banks and other financial industry work places. They take effect retroactively from November 1 this year and expire on 30 November 2013.



Salaries for all employees are to be raised, retroactively (from November 1) by 2.4 per cent. In January 2012 all sector employees will receive a lump sum of EUR 150.



In December 2012 all employees are guaranteed a rise of 0.3 per cent. In addition, an increase averaging 1.6 per cent is expected after pay discussions at the local level. Minimum salaries are to be raised by 1.9 per cent.



And the right or entitlement to three days of training annually will also be extended to the financial sector. The details as to how this right can be applied will be sorted out by next spring by the labor market confederations and the government.



The agreements include regulatory obligations that compel employers to keep their salaried employees informed on work shifts, always at least two weeks prior to the beginning of the next work period.



Antti Rinne, the President of the salaried employees' Trade Union Pro, regards the results of the financial sector bargaining as "tolerable". But, he feels decidedly more comfortable and reassured in the knowledge that a working group, made up of representatives of the parties, will analyse the model of how individual total earnings develop.



During the negotiations Pro cooperated closely with YTN who represent senior salaried employees in the financial sector. The agreement has also been approved by Nousu, the union representing Nordea's salaried employees.



Source: Trade Union Pro





To get more information about the framework agreement in Finland, please read the document in related files.