A threatened strike in the financial sector that could have closed all bank machines and branches has been avoided.

An agreement was yesterday reached by Finansforbundet, the financial services union representing employees, and Finanssektorens Arbejdsgiverforening, the employers’ association for the financial sector, during negotiations regarding a new collective working agreement.

The negotiations had been beset with difficulties and had broken down twice: first in mid-February and again last week.

In press releases issued by both the employees’ and employers’ organisations, details of the new agreement are outlined. Employees will get pay increases of 1.7 percent in the first year, 1.75 percent in the second year and 1.8 percent in year three. In addition, there are provisions for skill development, intended to strengthen employees’ value in the job market and businesses’ competitiveness.

“A responsible solution”
Kent Petersen, the chairman of the employees’ union, expressed his satisfaction with the deal.

”It has been difficult for us to reach an agreement on pay increases in the three-year agreement," he said in the press release.

"But I’m convinced that the increases we have achieved have safeguarded salary in real terms over the whole of the period. It is also an improvement that we have strengthened employees’ career prospects through the provisions for skill development."

Helle Havgaard, the chairman of the employers’ association, emphasised that that it has been a long and hard negotiation process, but in a press release underscored the importance of the competitiveness provisions and called the agreement ”a responsible solution".

The new agreement will take effect from April 1.