Finansförbundet

Our agreement applies from 1 January 2015 and is valid until further notice, with a mutual notice period of three months. It is evaluated annually by our governing board. If the agreement is not terminated, it is extended by one year at a time.

Saco

The agreement applies from 1 January 2015 and is valid until further notice, with a mutual notice period of three months. If the agreement is not terminated, it is extended by one year at a time.

Finansförbundet

The agreement applies, with exceptions, to members of Finansförbundet who are employed in companies affiliated to BAO, the Swedish banking employers' association.

Saco

The agreement applies, with exceptions, to employees who are members of Saco unions, such as Akavia and Sveriges Ingenjörer.

The agreements differ, above all, in regard to how regular working hours are calculated, as well as compensation for work conducted outside normal working hours, which the Saco agreement completely lacks. 

Finansförbundet

Regular working hours are 38.5 hours per week, on average, over a four-month period - unless employees and managers have agreed a different calculation period. Managers and employees come to a mutual agreement about the distribution of working hours.

If managers and employees cannot agree, negotiations must be undertaken at local or central union level. This applies in cases involving times when employees are entitled to compensation according to §3.3. In the event of a request for a change in agreed working hours, a new agreement must be reached.

The local trade union must be notified

Working hours cannot be consecutive. If a change in working hours curtails members’ rights to compensation, according to § 3.3, the local trade union organization must be notified before any changes are implemented.

Co discussions about working hours

While business needs are a starting point the setting of regular working hours, managers must inform employees of the reasons for their requirements. Agreements must be reached that are beneficial to both employees and employers. Therefore, managers must be responsive to the needs and interests of their employees.

Compensation for work conducted outside regular working hours

• Compensation for working on weekdays between 17.30 and 20.00 is 35 percent higher than an employee’s standard hourly rate, if working after 18.30 on two days or more in one week, not including Fridays. Working between 20.00 and 7.00 is compensated at 60 percent higher than their standard hourly rate.
• Working on bank holidays is compensated at twice the normal hourly rate and at three times this rate for working in the evenings of public holidays.

Holidays

• Midsummer, Christmas and New Year's Eve, weekends and public holidays are not treated as normal working days. When a public holiday falls on a weekday, the working day is reduced by 7.7 hours.
• On Maundy Thursday, the day before Ascension Day and the day before All Saints' Day, the working day is reduced by 2.75 hours. This also applies to Twelfth Night and Valborgsmässoafton, if they fall on weekdays.

Saco

Agreements about working hours can be made between employers and the local Saco union organization. Ordinary working hours are 38.5 hours per week, on average per year. If there is no local agreement, ordinary working hours of 38.5 hours per week are calculated, on average over a ten-week period.

Working hours are weekdays, excluding public holidays, between 07.00 and 21.00, with a maximum of 10 hours per day. Saco's agreement makes no provision for compensation for working outside normal hours of business. Working until 21.00 will, therefore, not entitle employees to overtime pay. Regular working hours on public holidays, including Midsummer, Christmas and New Year's Eve. Twelfth Night, Valborgsmässoafton, Maundy Thursday, the day before Ascension Day and the day before All Saints' Day are 07.00 to 14.00. Regular working hours can, however, be moved to other times, through agreement between employers and employees. If changes are made to working hours, salary reviews can also be carried out. 

The primary difference is that the overtime ceiling is higher in Finansförbundet's agreement, as well as which working hours entitle employees to overtime pay.

Finansförbundet

Exceptions to overtime compensation occur in two cases:

• For employees with full-time, fixed salaries of, at least, the equivalent of the 85th percentile, within the terms of our agreement with BAO, the Swedish banking employers’ association. In 2023, this amounts to monthly salaries of SEK 75,000.
• For part-time employees, the amount of overtime pay is calculated proportionally. In some cases, employees may have made an agreement that overtime compensation will not be paid.

However such agreements can be made with employees with salaries lower than SEK 75,000 if the employee, due to their position, has the right to order other employees to work overtime, or who has the right to independently decide whether they should work overtime. These employees are instead compensated with three extra days holiday.

Overtime is calculated as any time outside regular working hours and, for part-time employees, time that is not counted as additional time. Working between 20.00 and 7.00, on weekdays, after 15.00 on Twelfth Night, Maundy Thursday, Valborgsmässoafton, the day before Ascension Day, the day before All Saints' Day and public holidays is calculated as qualified overtime. Overtime is compensated at an hourly rate increase of 50 percent and qualified overtime at an hourly rate increase of 100 percent. In the case of compensatory leave, one and a half hours of leave is given for each hour of overtime and two hours of leave for each hour of qualified overtime. Compensation for overtime/additional time must be paid during the next four calendar months, unless a local agreement has been made.

Saco

Exceptions to overtime compensation also occur in the Saco agreement in two cases:

• If employees earn more than SEK 45,000 per month
• If an agreement has been reached that overtime compensation should not be paid

The difference is that the overtime ceiling of the Saco agreement is significantly lower, at SEK 45,000 per month, and that all employees can make an agreement that overtime compensation will not be paid.

Employees who are not entitled to overtime pay are compensated with three extra vacation days. Overtime work for full-time employees refers to work conducted outside regular working hours. For a part-time employee, it refers to work conducted in addition to the annual working hours of a full-time employee. Therefore, it’s more difficult for part-time employees covered by Saco's agreement to receive overtime compensation. You can read more about this under the Additional Time heading.

In all cases, the first two hours are calculated as overtime, while working after the first two hours is calculated as qualified overtime. Overtime compensation is paid at the same rates as that of Finansförbundet. However, four-month payment terms are not part of Saco's agreement.

The difference in this case is that part-time employees have more difficulty getting extra work classified as overtime in Saco's agreement.

Finansförbundet

Additional time includes work performed outside scheduled working hours (up to 38.5 hours per week), a maximum of 9 hours per day, as well as a maximum of 4.95 hours on Twelfth Night, Maundy Thursday, Valborgsmässoafton, the day before Ascension Day and the day before All Saints' Day, during which the work must take place after 07.00 and before 17.30. Work must have been conducted outside normal working hours on two days per week, excluding Fridays, or the day before a bank holiday. When additional time exceeds 50 hours per 31 December, it is compensated with overtime pay.

Saco

Additional time includes work performed between part-time employees’ regular working hours and those of full-time employees. The criteria of Finansförbundet's agreement, concerning maximum regular working hours, are completely missing.

Finansförbundet

For business trips in Sweden, employees are entitled to travelling time compensation. Standard travelling time compensation is paid for travelling outside regular working hours, at the hourly rate of a full-time employee’s monthly salary divided by 240. Increased travelling time compensation is paid during periods between 18.00 on the day before a bank holiday and 6.00 on the first weekday, at the hourly rate of a full-time employee’s monthly salary divided 190. In addition to the general advice given by Skatteverket (the Swedish Tax Agency), Finansförbundet's agreement also makes provision for expenses. In Sweden, the employer pays an allowance of SEK 50 for full allowance and SEK 25 for half allowance.

Saco

Saco’s agreement makes no provision for travelling time compensation and expenses.

Finansförbundet

Skill development and training is normally carried out during regular working hours. If these activities are conducted outside regular working hours or on bank holidays, overtime compensation is paid, unless otherwise agreed at a local level. 

Saco

Saco's agreement makes no provision for when skill development and training is carried out.

The major differences between Finansförbundet’s and Saco’s agreement is that we have a collective guarantee for our members (2018-2020), while they have none. In addition, Saco's protection against salary reduction is weaker and their agreement doesn’t set a minimum wage.

Finansförbundet

Our system is based on setting individual salaries, with annual reviews that normally raise employees’ salaries.

Minimum wages

Minimum wages are guaranteed for employees between the ages of 18 and 21. In 2023, the minimum monthly wage is between SEK 22,500 and SEK 25,000. Individual salaries cannot be below these limits without local or central agreement. The minimum wage is adjusted annually to be 47.1 percent and 52.3 percent, respectively, of the average salary for full-time employees included in the agreement with BAO, the Swedish banking employers’ association.

Pay cuts

Employee salaries can only be reduced with local or central union agreement.

Individual guarantees

Our central collective agreement has no individual guarantees. However, it states that employees normally receive annual salary increases. At a local level, there may be agreements that include individual guarantees. 

Collective guarantees

The guarantee means that the salary development for those who are members of Finansförbundet may not be less than an average of 50% of the salary development within BAO's agreement area. This is set every three years, and was adjusted on 1 October 2023.

Equal pay

BAO and Finansförbundet have agreed that their efforts to ensure equal pay, which began in 2011, should continue and be expanded within our new agreement. Our collaborative Equal Pay project focusses on employees conducting similar work and now includes work of equal value. Both parties appoint work groups and, among other measures, design methods for salary mapping. If gender-related pay differences are discovered, these are remedied, unless agreed otherwise, at regular salary reviews. 

Saco

Local wage negotiations take place once a year, unless otherwise agreed at a local level. The Saco agreement sets no salary levels for full-time employees or general allowances. Individual salary reviews take place with employees’ immediate managers, annually, with no guarantees. If employees receive little or no salary increases, due to insufficient work performance, an action plan must be drawn up. If an employee's salary increases by significantly less than the average level at their workplace, during a three-year period, it must be noted and analyzed at their salary review. Discussions during these reviews may lead to salary increases and training.

Minimum wages

Saco’s agreement does not set minimum wages.

Pay cuts

Protection is significantly weaker than within the terms of Finansförbundet’s agreement. Employee's salaries can be reduced by local, central or individual agreement.

Individual guarantees

The Saco agreement contains no individual guarantees. 

Collective guarantees 

The Saco agreement contains no collective guarantees

Equal pay

Saco has no equal pay program.

Finansförbundet

Holiday pay is calculated at 10.75 percent for overtime, additional time, being on standby, commission fees, stand-in work, shift work compensation and compensation for work outside normal working hours.

Saco

Holiday pay is paid at 10.75 percent for overtime, additional time, being on standby and commission fees.