Nationwide agreement for 45,000 bank employees in Romania is a win for workers and EU minimum wage law

In a breakthrough for the Romanian finance sector, 45,000 bank employees will now be covered from a sectoral agreement nationwide. Enabled by Romania’s 2023 labour law reforms, introduced in alignment with the EU Directive on Adequate Minimum Wages, the agreement establishes a minimum wage, guarantees overtime pay and ensures a regular lunch break for workers.

This landmark agreement was achieved by trade unions and UNI Europa affiliates, including the Federation of Trade Unions in Insurance and Banks (FSAB), building on intense organising efforts supported by UNI Europa. It is not just the first sectoral agreement in the finance sector in Romania, but the first sectoral agreement overall in the country since 2011, when the existing sectoral bargaining system was dismantled by the Troika in the aftermath of the financial crisis. 

Oliver Roethig, UNI Europa Regional Secretary said: “This landmark deal not only lifts workers’ rights at home, but it also highlights Romania’s leadership in putting European social standards into practice. As many EU member states are failing to implement the EU Minimum Wage Directive, Romania is setting a positive example of how it can improve workers’ livelihoods. It shows that the European social model is still alive and kicking. This victory should create a ripple effect throughout the region. UNI Europa applauds its affiliated union, the Federation of Trade Unions in Insurance and Banks, for their dedicated work in reaching this remarkable sectoral agreement.”  

The sectoral agreement in Romania was originally signed on 1 May 2024, extended erga omnes by the government to all employees in the sector in October 2024 and became official with the publication in the Monitor of Romania on 27 November 2024. The agreement includes: 

• A guaranteed minimum monthly gross salary of 4,100 lei (820€), starting on 1 May 2024 and 4,500 lei (900€), starting on 1 May 2025.  
• A compensatory salary in case of dismissal of up to 6 monthly gross salaries after over 15 years in the company. 
• Overtime compensation through paid time off or an increase of 75 per cent of the gross salary. 
• A minimum half an hour lunch break.  
• Equal opportunities, non-discrimination and strict prevention of harassment based on the ILO Convention no. 190/2019, on the elimination of violence and harassment in the world of work, ratified by Romania in March 2024. 

“The extension of this collective labour agreement is a guarantee for all the employees in our sector that their rights will be respected by the companies they work for. We are committed to achieving even better results in the years to come,” said Paraschiv Constantin, President of the Federation of Trade Unions in Insurance and Banks (FSAB). 

As the European Trade Union Confederation (ETUC) has shown, most European governments have failed to meet the deadline to put the minimum wage directive into national law – and some are actively working against the aims of the directive. The agreement in Romania, however, serves as a testament to the positive impact the directive can have on reaching its stated goal of 80 per cent collective bargaining coverage in all EU member states.  

Simona Bucura-Oprescu, Romania’s Minister of Labor, commented: “This collective contract at sector level in the banking field is a first that demonstrates the maturity of the social partners and our commitment to protect the rights of employees in all sectors.” 

Note to editors 

UNI Europa is the voice for the 7 million service workers that constitute the backbone of economic and social life in Europe. Headquartered in the heart of Brussels, Belgium, UNI Europa represents 272 national trade unions in 50 countries in over a dozen economic sectors including Banking, Insurance and Central Banks. 

For more background information on the reform of labour legislation in Romania, see here.