After months of difficult negotiations EFL, the finance sector union in Estonia, signed an agreement with Luminor, the country’s biggest bank, on Friday January 26.

The content of the confidential agreement, formally a Letter of Good Intentions, sets out improvements in key areas of concern for Luminor’s employees and will run for two years.

The agreement confirms EFL’s status as a legitimate negotiating party in the Estonian finance sector and is the result of several years’ hard struggle by the union and its trustees.

NFU President Michael Budolfsen, who took part in a long-time scheduled meeting with EFL (pictured above) on Monday January 29, said:

— The really great result here is that we now have an agreement where the management of Luminor gives real recognition and legitimacy to the trustees and the union, and their right to negotiate. It is a ground-breaking achievement in the Estonian finance sector, and I congratulate both the union and management for taking this important step forward.

Since 2016, NFU is supporting organising in the finance sector in Estonia, and EFL’s efforts to build a union and sign collective agreements for their members have been closely followed by many Nordic and European trade unions.