Salary systems in Finansforbundet’s collective agreements
Here you are given an overview of the different salary systems that are agreed in Finansforbundet’s standard collective agreement, company collective agreements, special collective agreements and FinTech collective agreements.
The standard collective agreement (STOK'ens) salary system
The Majority of financial compagnies who are members of the employers association Finans Danmark (FIDA) are typically covered by STOKen. Some large financial compagnies are instead covered by a company collective agreement (VOK), and individual pension and insurance companies that are covered by the framework agreement for insurers or the Finansforbundet’s collective agreement.
In STOKens salary system, salaries are agreed individually between company and employee. They must reflect the individual’s performance, qualifications, education and skills, as well as the content and responsibility of the position.
All employees are entitled to an annual salary dialogue.
The minimum monthly salary excluding the employer’s pension contribution is:
- DKK 26,650 as of 1 July 2023
- DKK 27,650 as of 1 July 2024
Employees who have an independent work organisation may be employed on a fixed salary if their monthly salary excluding employer’s pension contribution is at least:
- DKK 54,050 as of 1 July 2023
- DKK 56,050 as of 1 July 2024
Employees who earn the following monthly salary and above, excluding employer’s pension contribution, dependants' leave, sixth holiday week and special holiday bonus may be employed on an individual contract.
- DKK 74,600 as of 1 July 2023
- DKK 77,350 as of 1 July 2024
The salary for young people under the age of 18 is at least 60 per cent of STOK’ens minimum salary.
Remuneration is made in accordance with the general rules in STOKen from the first day of the month in which the employee turns 18.
The minimum salary for young people under the age of 18 is:
- DKK 15,990 as of 1 July 2023
- DKK 16,590 as of 1 July 2024
General salary increases STOKen 2023-2024
Finansforbundet has agreed on the following general salary increases for the duration of the collective agreement:
- 4,50 % in 2023
- 2,70 % in 2024
Salary pools STOKen 2023-24
The following local salary pools have been agreed in STOK. The salary pools are:
- 0.00 % in 2023
- 1.00 % in 2024
With the exception of contractual employees, the local salary pool will be implemented on the basis of the company’s payroll with effect from 1 July each year. If the company does not have a professional representative, the local salary pools will be converted to general salary increases for everyone, i.e. all employee’s salaries are adjusted by 3,70 % in 2024.
The company may at any time choose to give the salary increases for everyone instead of the local salary pool.
In the event that an agreement on the distribution of the salary pool cannot be reached between the local parties, mediation shall be conducted with representatives from FIDA and Finansforbundet. The result of the mediation shall be put to a vote among the members of Finansforbundet at the company. If the members reject the result of the mediation, the salary pool will be distributed in the form of general salary increases for all employees.
Are you a student?
Students are at least entitled to STOKens minimum wage according to § 23 and § 32.
Please contact your union representative or Finansforbundet if you have questions about students salary - or other employment conditions.
Compagny collective agreement (CCA) salary systems
Finansforbundet have negotiated compagny collective agreements (CCA) with individual companies that are members og FIDA. CCAs typically include their own tailored compagny salary systems. You can see whichcompanies this refers to below.
Finansforbundet Company collective agreements (CCA):
Danske Bank (in Danish)
Finanssektorens Uddannelsescenter (in Danish)
Nordea
Velliv kun foreningen af overordnede (FOV) (in Danish)
Ringkjøbing Landbobank (in Danish)
General salary increases and salary pools for CCAs 2023-25
Finansforbundet has agreed that the combined general salary increases and salary pools for the period of 2023- 2025 should at least be the following.
General salary increases CCAs:
- 3,00 % in 2023
- 2,20 % in 2024
Salary pools CCAs:
- 1.50 % in 2023
- 1,50 % in 2024
Please contact your union representative or Finansforbundet if you would like further information about the salary system in yuor CCA.
Special collective agreements
If you are employed in one of the companies listed below, you are covered by one of Finansforbundet’s special collective agreements. Special collective agreements are negotiated with companies who are not mombers og FIDA (The employers association).
Please contact your union representative or Finansforbundet if you would like further information about the salary system in your special collective agreement.
Finansforbundet have negotiated special collective agreements with the following companies:
FinTech collective agreements
Companies who are members of the employers association for FinTech (Arbejdsgiverforening for FinTech - (AF) ) are covered by the framework agreement for FinTech companies is negotiated between AF and Finansforbundet. In addition to the Framework agreement, Finansforbundet also negotiate a local collective agreement with each company that are a member of AF.
The FinTech company’s salary system or principles for grading salaries is described in the local FinTech collective agreement.
You can see which FinTech companies Finansforbundet has negotiated local collective agreements with below. If you have any questions about the salary system in your local collective agreement, then please contact Finansforbundet.
Finansforbundet has negotiated local FinTech collective agreements with following companies:
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