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Yesterday, social partners discussed the employment impact of the financial crisis in the sector as well as ways in which governments, employers and trade unions can help finance workers cope with the crisis.



In the opening speech, Juan Somavia, Director-General of the ILO, called for a new, fair and sustainable model of globalisation and added that this has to be achieved through social dialogue.



Philip Jennings, Secretary General of UNI Global Union, said that there is a need for a new social contract for finance workers. This must be based on basic ethical values, on a new business model, on comprehensive regulation and on the involvement of workers in supervisory processes. He also insisted that the ILO plays an innovative role in upcoming events, such as the G20 meeting.



Although the impact of the crisis on finance workers and the solutions to provide might differ from country to country, reinforcing the role of social dialogue and industrial relations was seen by all social partners as an important step to tackle the crisis.



Allan Bang, President of UNI Finance, insisted on the necessity for social partners to engage in social dialogue at global level. This includes respecting core labour standards as well as informing and consulting with workers across all countries of operation in the event of a company restructuring. For UNI Global Union, the best way to achieve this is for multinational companies to sign Global Framework Agreements (GFAs) with UNI.



Discussing ways to mitigate the impact of the crisis on workers, social partners presented a variety of tools used in different countries, such as (re)training and lifelong learning, early retirement schemes, and social safety nets.