Collective Agreement in the Financial Sector of Finland: Know Your Rights
Finland`s financial sector is highly regulated, and the collective agreement is one of the most important aspects of the system. A collective agreement is a legally binding agreement between the employer and employee organizations that outlines the terms and conditions of employment. This agreement sets out the minimum standards for wages, working hours, and other employment conditions.
In the financial sector, collective agreements are negotiated between the Finnish Financial Union (FFU) and the Finnish Financial Services Employers (FFSE). The agreement covers a wide range of topics, including wages, working hours, pensions, health insurance, and more.
The collective agreement sets out the minimum wage levels for the financial sector in Finland. The wage level is determined based on the employee’s position and experience within the sector. The agreement also outlines the wage progression system, which sets out how employees can progress through the wage system over time.
The collective agreement covers working hours, including regular working hours, overtime hours, and shift work. The agreement sets out the maximum number of working hours per day and per week, as well as rest periods and annual leave entitlements.
The agreement outlines the pension system for employees working in the financial sector. The pension system is based on a defined contribution pension plan, which means that both the employer and employee contribute to the pension fund. The pension plan is managed by a third-party pension provider.
The collective agreement also covers health insurance, which is provided by the employer. The health insurance covers both medical expenses and sick leave. The agreement outlines the terms and conditions of the health insurance plan, including the level of coverage and how claims are made.
In addition to the above, the collective agreement also covers other benefits, such as travel allowances and meal allowances. The agreement outlines the terms and conditions of these benefits, including how they are calculated and who is eligible.
As an employee working in the financial sector in Finland, it is essential to know your rights under the collective agreement. If you have any questions or concerns about your employment conditions, you should contact your union representative or human resources department for further information.
In conclusion, the collective agreement is an integral part of the employment conditions in the financial sector in Finland. It sets out the minimum standards for wages, working hours, pensions, health insurance, and other benefits. As an employee, it is crucial to be aware of your rights and responsibilities under the agreement. Keep yourself informed so that you can advocate for your rights and contribute to a harmonious working relationship with your employer.