Collective bargaining

Collective bargaining and remuneration

The labour market parties’ right to set wages through collective bargaining is an absolute cornerstone of the Nordic model. The content of this autonomy is that trade unions and employers’ organisations have the right to agree on shared concerns between themselves, without interference from the EU or national governments.

By letting those that are closest to the realities of the financial sector regulate wages and other core labour market conditions via collective bargaining, a more flexible and competitive result is achieved than if these issues had been regulated via law.

During the last years, several EU proposals have interfered with the autonomy of collective bargaining. This ignorance of trade union rights and democratic governance of the labour market is unacceptable and a serious problem for EU’s democratic legitimacy.

The Nordic labour market parties have a long tradition of autonomous and free collective bargaining, established throughout decades of responsible regulation of wages and working conditions.

The European Union has no right to interfere with or regulate pay according to the EU Treaties.

Finance employees want to provide customer with good financial advice and services. Sufficient time and resources are key for them to do so.

What NFU thinks

NFU wants legislation that respects collective bargaining rights, taking the employee dimension to its full potential as a key factor for sustainable growth, consumer protection and financial stability.

Employees have an absolute right to be informed and consulted in company restructuring, resolution and any other material changes to corporate reality.

If sales targets and performance measurement systems exist, they must be fair and balanced in order to safeguard consumer protection and employee health and be established in dialogue with employees.

EU regulation must respect the right to free collective bargaining and not interfere with collective agreements, in all aspects but with special attention to the issue of free negotiation of pay and wages – an exclusive right of the social partners set down in the EU Treaty.