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Labour market activities

As of January 2019, Finance Finland (FFI) and its member organisations are represented by Service Sector Employers Palta in the scope of labour market action. This means Palta is the negotiating party in charge of the financial sector’s collective agreements and bargaining. Palta’s labour market representation covers a significant proportion of all collective agreements in place in Finland.

The collective agreement for the financial sector is negotiated between Palta and Trade Union Pro, Unio (formerly Nordea Union Finland) and the Federation of Professional and Managerial Staff YTN. For the insurance sector, the collective agreement is negotiated between Palta and the Union of Insurance Employees VvL. Both collective agreements are generally binding: 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.

The negotiations are directed by the Board of FFI and Palta’s contracts subdivision. Once the Board has given its approval to the negotiated collective agreements, they are then officially approved at the competent bodies at Palta. 

Palta is also in charge of providing information and counselling to FFI members in labour market issues. 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.

FFI is in charge of the development work related to financial work and its future skills and competencies. The aim of this work is to increase productivity and workplace well-being, to strengthen employee competence, and to promote life-long learning, in co-operation with the sector’s employee unions.

The majority of FFI’s members are within the scope of labour market representation. These member companies employ a total of 35,000 persons covered by the collective agreements. Finance Finland is a member of the Confederation of Finnish Industries EK. We are also in close co-operation with Nordic and European employer organisations.

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