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UNI will bring this message for creation of a social contract to a two-day meeting hosted by the International Labour Organisation (ILO) that will bring together union, government and employers’ representatives to discuss solutions to the crisis in the finance industry. The meeting starts on Tuesday.



“We believe that a socially-responsible plan for financial institutions to come out of this crisis must include provisions that ensure quality long-term employment for workers,” said UNI General Secretary Philip Jennings. “Otherwise we will see working people yet again paying the price for the mistakes made by executives and we will run the risk of recreating the same system that got us into this mess in the first place.”



Restructuring and bail-out plans must be based on dialogue between unions, employers and governments at the local, national and international level, UNI said. Companies must make all information available to employees and unions in all countries concerned in a timely manner that allows for consultation between workers’ representatives and management.



UNI said companies should consider every alternative to redundancies before making a decision to cut staff. Collective agreements and contracts should be honoured when restructuring plans are made.



“Collective agreements cannot be thrown out the window just because the industry is in trouble,” Jennings said. “This crisis has been devastating for workers and the finance sector should set an example for social responsibility as it works through its problems. There will be no recovery for the world economy if the restructuring plans put thousands more out of work.”



The best way to ensure this social contract is for finance companies to sign global agreements that outline basic rights for workers that are respected in good times and in bad.



UNI said changing the industry culture that brought us the financial crisis is essential. Along with a commitment to worker’s rights, an effective recovery plan should lead to a new customer-oriented and risk-conscious business model that empowers customers and staff.



The ILO should be a key promoter of labour rights in the response to the crisis, UNI said.



Trade unions will continue to press governments and companies around the world to ensure that workers’ interests are respected in every recovery plan.





UNI Finance is the global union for the banking and insurance industries. We represent 237 trade unions and 3 million workers worldwide.



For more information contact Rachel Cohen at +41 79 888 0753 or rachel.cohen@uniglobalunion.org.