ALEBA seeks additional 26th day of statutory leave for bank and insurance sector employees

The decision of the Government Council to introduce two additional days’ leave has been welcomed by ALEBA, the largest financial sector trade union. According to the information available, we understand that an extra public holiday on 9 May to mark Europe Day would be the first of these two days.

However, the details regarding the second day are very far from clear”, explains Laurent Mertz, Secretary General of ALEBA. The minimum statutory leave would increase from 25 days to 26 days per year, but, much to our surprise, this measure would not apply to sectors or companies that have a Collective Labour Agreement! Clearly, we cannot accept this.”

The banking and insurance sectors are covered by a collective labour agreement, but the statutory leave is 25 days, as per Article 20 of the Collective Labour Agreement for Bank Employees and Article 8 of the Collective Labour Agreement for the Insurance sector. “There is also a very clear reference to Articles L. 233-1 et seq. of the Luxembourg Labour Code relative to paid recreational leave. If this law is amended, then the Collective Labour Agreements would be amended by default. Clearly, granting the 26th day of leave can’t be discriminatory”, adds Laurent Mertz.

Additional days are included in the Collective Labour Agreements for Banks and Insurance Companies (called “rest days”), but they are:

  • historical compensation for previous fixed closure dates (Carnival Monday, Braderie Monday and 2 November) that have been replaced, upon the employers’ request, by days off in lieu that are more suited to the needs of the financial sector;
  • compensation granted by employers’ associations in exchange for keeping a 40-hour week, whereas the unions wanted a shorter working week.

ALEBA is keen to organise talks with employer groups, the ABBL and ACA, as soon as possible to confirm and introduce the 26th extra day of annual leave for bank and insurance sector employees. Discussions will also be scheduled with the Ministry of Labour if necessary.


Luxembourg, 18 January 2019

Press contacts:

Laurent Mertz, Secretary General ([email protected] / +352 621 232 295)

Sandra Carvalho, Head of Communications & Strategy ([email protected] / +352 671 223 228)