Developments in the industry
On January 5, 2021 we have de Uniemembers can report that the industry collective labor agreement for insurance companies has been established. There are a number of subjects that can be further elaborated in the context of the industry collective labor agreement. De Unie is active in this because we can realize terms of employment and improvements for many employees via the industry collective labor agreement.
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What has been achieved so far?
Working pressure gauge
Parties to the collective labor agreement will present the new work pressure gauge for the sector on 12 January.
This instrument is intended to measure the job satisfaction of all employees, with the ultimate aim of making and keeping the topic of workload a topic of discussion among insurers. The work pressure gauge was developed on behalf of parties to the collective labor agreement under the supervision of the Taskforce Working Conditions Catalog. Parties to the collective labor agreement recommend organizations to use the workload meter and will draw attention to this in the sector.
Sustainable employability
Sustainable employability is an important theme for the industry. The sector is shrinking and positions at companies can change quickly. It is therefore important that you also work on your own development. To support you in this, you have an annual amount of € 750 available on the basis of the collective labor agreement.
De Unie This year, together with other collective labor agreement parties, is also organizing three virtual meetings in the field of sustainable employability. Participation in these webinars is free.
- On January 25, 2021 from 14.00 p.m. to 15.00 p.m. we will start with the topic Digital fitness
- On 4 February 2021 from 14.00 p.m. to 15.00 p.m., Implicit and Univé will provide insight into the results of the Sustainable Employability pilot that they carried out on behalf of the parties to the collective labor agreement. The presentation takes you into a system developed for the insurance sector that enables employees to make a good start in increasing their employability.
- On February 11, 2021 from 13.30 to 15.00 p.m. we will conclude with a webinar in which several companies present their innovative concepts.
You will find more information and the possibility to register here.
Pension defined contribution scheme
The industry collective labor agreement allows for the possibility to accrue pension in the form of a defined contribution scheme. Due to the low interest rate, pension accrual is very expensive. The defined contribution scheme has the advantage that a larger part of the pension contribution is used to build up your pension. Now that interest rates have been so low for so long, more and more companies are opting for this form. A disadvantage of a defined contribution scheme is that you have less insight. If the defined contribution scheme was concluded a few years ago, this will have been done on the then appropriate interest scale. If the pension scheme is not adjusted, it is possible that too little premium is deposited now for a full pension later. The CLA parties therefore recommend the following:
Low interest & pension: you have to do something with that
Employers and employees are calling on everyone in the insurance industry to be informed about the effects of the persistently low interest rate on their pension accrual. Employees in a defined contribution plan (IDC) may possibly accrue less pension than initially thought.
When the IDC scheme was introduced in the industry collective labor agreement, a graduated scale corresponding to an actuarial interest rate of 1,85% was assumed. In other words, with an annual return of 1,85% and a market interest rate of 1,85% on the retirement date, the participant ends up with a pension with an accrual of 1,75% per year. Now that interest rates have fallen for a long time, it appears that the current pension accrual is currently an average of 1,13%.
This means that due to the persistently lower interest rates, employees on average achieve an IDC accrual of 1,13%, while the previous expectation was based on a percentage of 1,75%. The IDC graduated scales in the collective labor agreement were based on this at the time. Now that these are not adjusted, this may mean that the pension accrual over a period of, for example, 10 years amounts to only 11,3% (1,13% x 10) of the average salary as a pension instead of the 17,5% previously expected ( 1,75% x 10) pension accrual.
Take a financial photo
That is why the CLA parties involved in the Collective Labor Agreement for the Insurance Company advise everyone to carefully consider what you can do to ensure that there is sufficient income upon retirement. It is important to think about that now, but also until you retire. To illustrate this, employees can use the sustainable employability budget from the collective labor agreement (article 6.4.4) to take a financial picture of their situation. With the help of this photo you can see what you still need to do to ensure an adequate income after you retire.
Contact
Do you have any questions regarding this message? Please contact De Unie. You can reach us by sending an email to: inge.de.vries@unie.nl or call or app on: 06-5252 2091
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