New company collective agreement passed

"Thank you very much to our members who have taken a stand on the company collective agreement and thus helped decide what the conditions for the Danish Nordea employees should look like for the next three years," says Kasper Skovgaard Pedersen, president of Finansforbundet in Nordea.

Fewer have voted

A total  of 55.47 % of the members have voted compared to 60.61% in the latest company collective agreement in 2023.

"I would have liked to have seen a higher participation, but unfortunately we see a tendency for fewer people to get involved in member democracy. When the standard collective agreement for the entire financial sector was put to the vote earlier this year, the voting percentage decreased by about 10 percentage points, while we at the company collective agreement experienced a decrease by five percentage points. What does it take for more people to be motivated to participate actively? My email is open for good input," is the request from the president.

Finansforbundet in Nordea entered the negotiations on the company collective agreement with a clear mandate to ensure that funds were allocated both for general salary increases for everyone and for individual salary increases according to the Nordea Salary model. That mandate was fulfilled, as well as a number of other improvements has been agreed upon.

Thank you to everybody

"A negotiation is always a compromise. We have been able to agree on some things, and we hope that others will come into play in a later negotiation. At the same time, our aim has also been to prevent demands that would lead to deterioration for employees.  In the end, it is the members who decide whether the result is ok. Thank you very much to everyone who voted," says Kasper Skovgaard Pedersen.

He also sends a big thank you to the 120 union and senior union representatives in Nordea, who have kept themselves informed about and entered into a dialogue about the result – and the way to get there.

"This year, we have involved the senior union representatives more in the process compared to before, and this has provided great value, so that we fight even more for what our hinterland want."

Salary increases – general as well as individual

The new company collective agreement means that there are money set aside for salary increases in the coming years, as shown in the table below:

The figures apply to employees covered by Nordea Salary. All salary increases – whether general or those from the pool – will be allocated on 1 July of the year in question. 

The salary process, including salary dialogue, for Nordea Salary for 2025 will be carried out after the summer holidays, and the salary adjustment itself will be carried out with the salary for the month of November (i.e. end of October) with retroactive effect as of 1 July 2025 to ensure the necessary time for the salary process.

The company collective agreement (VOK) in Nordea builds on the standard collective agreement (STOK), concluded between Finansforbundet (The Financial Services Union Denmark) and the Finance Denmark/Employer earlier this spring. 

The new company collective agreement is valid for the period from 1 April 2025 until 31 March 2028.

The company collective agreement covers employees with collective agreements in the financial sector – i.e. not contract employees and Nordea Pension. 

Read more about the content of the company agreement at finansforbundet.dk/fin-vok2025-en