Advocacy and lobbying in the labour market
The Federation of Finnish Financial Services is in charge of supervising the interests of employees in the financial and insurance industries, andnegotiates separate collective agreements for the financial sector and the insurance sector.
The collective agreement for the financial sector binds employers such as banks, finance companies and card companies. The Federation negotiates the collective agreement together with PRO Union for salaried employees, Nordea Union Finland and the Federation of Professional and Managerial Staff YTN. Fund management companies are not subject to the collective agreement.
The collective agreement for the insurance sector is negotiated together with the Union of Insurance Employees in Finland VvL, and binds the entire insurance sector.
Both collective agreements are universally valid, which means that all businesses operating in the industry must adhere to provisions such as minimum wages and general pay increases as they have been set in their sector's collective agreement.
Collective agreements form the essential standard of labour legislation together with the Employment Contracts Act, Working Hours Act, Annual Holidays Act, Act on Co-operation within Undertakings, and occupational safety and health legislation. All Federation members adhere to the standard.
The majority of our 459 members are within the scope of the Federation's labour market advocacy. These member companies employ a total of 38,000 employees and officials.
The Federation of Finnish Financial Services is a member of the Confederation of Finnish Industries EK. We are also in close co-operation with Nordic and European employers' organisations.