New collective company agreement at Nordea 2023-25

News article 26 June 2023: New company collective agreement passed

Company collective agreement 2023-25 between Nordea and Finansforbundet in Nordea (pdf)

Læs om virksomhedsoverenskomsten på dansk

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As much as possible for everyone

Company collective agreement and standard collective agreement

Salary increases in the period

Care days and Extra holiday will get separate quotas

Time bank – limits and pay out when changing job

Social rules

Job Salary

Salary span

Salary increase, seniority and limits

Other agreements

Improvements through the collective agreement over the years

As much as possible for everyone

In a time of uncertainty in the world, high inflation and price increases on housing costs as well as on daily goods, our very clear instruction from you was to ensure a salary increase as high as possible to as many people as possible. You and I have voted YES with a very high turnout to the standard collective agreement in March, and it is the starting point for our local negotiations.
We have listened carefully to the desire for "the highest possible for everyone" and this is also reflected in the agreement we have now agreed with Nordea. However, this also means that we agree that in 2023 there will be no money in the Nordea Salary model. We actually feel sad about that - especially so soon after implementation - but it has been the art of the possible within the financial framework we have negotiated.

Expanding the pie
In 2024, we have agreed that there will be both general salary increases for everyone covered by the collective agreement, money in the Nordea Salary pool for individual salary increases and an increased pension contribution. The pie has been expanded, meaning that the total increase is higher than the result generally applying to the sector and which was agreed with the standard collective agreement.

In our opinion, we have been responsible in relation to not further fuelling inflation by putting the economic increase we have agreed with Nordea as an increased pension contribution. An increase which all colleagues at Nordea will benefit from.

No two negotiations are the same
Normally, we negotiate until we drop and sign, and soon after that we present the result. This time we have had to postpone the presentation, as we entered into the agreement with a reservation.
Both parties – Nordea and Finansforbundet in Nordea – wanted in unity to change a smaller detail in a condition in the standard collective agreement. As local negotiating parties, we are not authorized to do so without obtaining a dispensation in the respective Finansforbundet and the Danish Employers’ Association for the Financial Sector.

The dispensation concerns the section on separate quota for the extra holiday (the 6th holiday week) in the time bank (Timebanken), and it has fortunately now been secured. So, finally we can share the result of the overall company collective agreement with you.

To get, to achieve and to avoid
When two parties, each with their own interests and mandate, meet at the negotiating table, an agreement, as I see it, is about the following: getting something in the short term, achieving something in the long term, and avoiding degrading too much in benefits already obtained. This is not an easy exercise, since the other party has attended the "same course". So the result you see here did not come of its own accord.

Still I think that we, with this company collective agreement, can say that we have had a good and respectful negotiation process. We have been curious about each other's wishes and requirements, and both parties wanted to achieve a result setting us slightly apart from the others in the sector. We have a mutual ambition for Nordea to be an attractive workplace now and in the future, thus our local agreement must reflect this.

Did we achieve everything we asked for? No - because it would have come at a cost we were not willing to pay, and it has been important to Finansforbundet in Nordea that there was a balance in the contributions from the parties. And it is always good to have something on the wish list for the next negotiation.

Dorrit Brandt
President of Finansforbundet in Nordea

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Company collective agreement and standard collective agreement

Earlier this year, Finansforbundet concluded with Danish Employers’ Association for the Financial Sector (FA) on a standard collective agreement (in Danish: Standardoverenskomst – STOK), applying to the financial area. It was adopted by the members of Finansforbundet on 31 March.

More information about the STOK is available here

After the STOK was in place, Finansforbundet in Nordea (FiN) and Nordea embarked on negotiations for the collective company agreement (in Danish: Virksomhedsoverenskomst – VOK), which builds on the STOK. In our negotiations on the VOK we agree on terms that are more targeted at Nordea and Nordea’s employees than the STOK, which outlines the more overall terms.

The new STOK and VOK are valid for a period of two years from 1 April 2023 to 31 March 2025.

Salary increases in the period

The salary increases for 2023-2025 are summarised in the following table, showing the combined distribution of the economy (STOK+VOK) at 8.53% over the two years:

The combined result of the collective bargaining for Nordea employees for the  2023-25 period therefore ends at 8.53% - which is 0.33% above the 8.20% increase that employees covered by the standard collective agreement (STOK) in the financial sector will be paid during the period.

All salary increases – whether general or those from the pool – will be allocated on 1 July of the year in question. The pool for Nordea Salary will be distributed according to the principles in Nordea Salary (link requires access to Nordea's net).

It is agreed that the full 4.5% that has been committed has been earmarked for general salary increases in 2023. Thus, there will be no pool for individual salary increases in 2023, and no distribution will be initiated on a PLD-score background.

In 2024 the general salary increase will be 3.20% and 0.5% will go to the salary pool to be distributed via Nordea Salary. Concurrent, it is agreed that all employees – including those who are not covered by the collective agreement – will receive additional 0.33% pension contribution as from 1 July 2024.

Care days and Extra holiday will get separate quotas

Extra holiday will be put in a separate quota 
As from next allocation, the days of Extra holiday (In Danish: 6. Ferieuge) will be put in a separate quota. Thus it will be clear how much holiday is owing to the individual.

The Extra holiday is conducted in days. Owing holidays will be assessed on 31 December in the following year and residual days can be transferred if possible within Nordea’s rules on transferring holidays. Any residual days will hereafter be paid out with the salary of March* – at the current time rate including pension pay. (*in an earlier version we wrote that it would happen with the February salary, but it cannot be reached for technical reasons)

Outgoing/leaving employees can be notified to use their not taken holiday during their notice period. 

Care days will get a separate quota in the time bank (Timebanken)
As from 1 January 2024, Care days will appear in a separate quota in the time bank. They can still be taken out in hours.

Time bank – limits and pay out when changing job

Balance to be discussed at change of job
If an employee changes job into a position with a higher salary (including i.e. supplement), hours in the time bank, exceeding the amount of 150, will be paid out at the ‘old’ time rate.

A deviation from this can be agreed between the employee and the new manager.

Social rules

Family members’ critical illness and their death/funeral 
The existing right to up to 2 days off can now be taken out in hours.

Retaining seniors
A working group will be set with the purpose of retaining seniors in Nordea through various initiatives. 

Policy for handling employees in grief
By the end of 2023, a policy for handling employees in grief will be produced. The purpose is to be able to find inspiration and help when colleagues are in grief. 

Job Salary

In the local agreement on Job Salary it is clarified that the manager and the employee are to discuss the terms and conditions when the employee switches to Job Salary.

Furthermore it is clarified that potential disputes regarding the connection between payment and the applicable conditions for an employee, can be tried in the Job Salary Committee if an agreement wasn’t possible at the local level. 

Salary span

Wage determination for new employees
In the determination of wage for a new employee, the necessary level of performing the job after a certain period of training must be taken into account. The manager must give reasons to the employee for the placement in the salary span.

Consequences when a salary span changes
If an employee, in connection to an extraordinary revision of a salary span, ends up above or below the limit, it is now outlined what the consequences are. If one end up below, an individual evaluation in regards to a special adjustment of salary – if one ends up above the limit, it can be decided to freeze the salary via a system allowance.

Salary increase, seniority and limits 

Newly employed
Newly employed employees (less than 4 months before the year-end-PLD deadline) will receive a salary increase, corresponding to the general salary increase. 

Personal allowances
Personal allowances can now amount to up to 30% of an employee’s salary – increased from earlier up to 20%. 

Staggered regulation of salary
A few business areas (NIM/NAM og LC&I) have had a tradition of staggered regulation of salary – that is earlier than 1 July. It is now stated in the VOKagreement. Any difference will be compensated as of 1 July. 

Limit on individual contract of employment will be adjusted
The limit on individual contract of employment will be adjusted with the general STOK rates – that is per 1 July 2023 to 76,285 DKK and per 1 July 2024 to 79,110 DKK.

The corresponding rates in STOK are respectively 74,600 DKK in 2023 and 77,350 DKK in 2024.

Option for paying in arrears to hourly paid employees 
Nordea will get an option for paying in arrears to hourly paid employees, starting 1 January 2024 or later, for service/technical employees and for students working part time. All other employees will still get paid in advance. 

Other agreements

Alternative ways of working
In the next VOKperiod it is agreed to discuss and exchange ideas on initiatives regarding alternative ways of working. The purpose is to remain an attractive place of employment, in the future as well. 

Working group on skills and competences remains, getting additional tasks
In the future, the working group will – in addition to discussing competence development in general in Nordea – also work to make relevant career and development opportunities even more clear. Furthermore, the group will look into clarifying career directions – and finally, it will work with initiatives to facilitate and inspire into job mobility and job rotation. 

Employees with individual contracts on employment
It is agreed to discuss the terms and conditions for Nordea’s employees with individual contracts in the period of the collective agreement. 

Coming into force
If the collective agreement is approved by the members, all employees, covered by the agreement, will receive a salary increase of 4.5% as of 1 July 2023. For practical reasons, the salary will be regulated retroactively from 1 September 2023. 

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