2019-2024: The five years that changed Luxembourg's trade unions
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From 2019 to 2024, Luxembourg's financial sector has undergone a significant transformation. At the centre of these changes was the OGBL union, which achieved historic collective agreements in the insurance and banking sectors. These agreements, signed in 2021 and 2024, not only strengthened social guarantees but also increased staff salaries, becoming a shining example of effective trade unionism in a context of rapid change.
One turning point was the weakening of the monopoly of Aleba, a union that had long dominated the sector but faced criticism for its loyalty to employers. Aleba's loss of its absolute majority in 2019 and 2024, as well as the legal proceedings on its representativeness initiated by the OGBL, have opened the way to a more inclusive and balanced social dialogue.
Key OGBL figures such as Véronique Eischen and Serge Schimoff played a special role in this process. Eischen, known as the "Red Queen", was head of OGBL's finance sector for more than 25 years. Her intransigent bargaining stance, including challenging Aleba's representativeness, was the basis for the union's victories. Serge Schimoff, characterised by pragmatism and effective leadership, worked with Eischen to promote key initiatives such as improving working conditions at BIL.
Their partnership has demonstrated the power of unity: complex challenges have been overcome through joint working and strategic vision.
A generational change in the union's leadership began in 2022. The new leadership, including Sylvie Reuter and Francis Capitani, successfully continues the tradition of maintaining a focus on employee rights and introducing innovative approaches. The gender and professional diversity of the new leadership, which includes representatives of Luxembourg's largest financial institutions, underlines OGBL's strategic focus on inclusion and sustainability.
Luxembourg's financial sector is facing global challenges, including digitalisation, environmental requirements and the changing nature of work. OGBL is adapting to these changes by adopting flexible and strategic approaches. Nevertheless, the growth in the number of members and the increase in the scale of operations have highlighted the need to strengthen internal resources.
