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ECONOMY

Young Swedish workers reject collective wage deals: study

Eight of ten young workers in Sweden favour negotiating their pay individually rather than having their wages set by a central agreement, a new study shows.

Young Swedish workers reject collective wage deals: study

Only 10 percent of young Swedish workers are satisfied with the way in which their salaries are set, according to a recent study carried out by the Novus Opinion polling company on behalf of the Swedish Organization for Managers (Ledarna) and the Almega employers’ organization.

More than half of the 1,500 workers between the age of 25- and 30-years-old included in the study said that the setting of salaries ought to be more individualized than it is today.

Currently, six of ten respondents to the survey said they had the ability to influence their pay.

More than half of those polled think that improved performance or an increase in responsibility are valid reasons for a pay raise.

On the other hand, 38 percent believe that age is a weak justification for receiving a salary bump.

At the same time, interviews with 200 participants on both sides of the labour market reveal that support for a more individualized setting of salaries is nearly 100 percent among employers, while the figures among union groups is considerably lower.

White collar unions are most positive to the idea of negotiating salaries individually, with more than half supporting the idea.

Meanwhile, only three in ten respondents from within Sweden’s largest blue collar union group, the Swedish Trade Union Confederation (LO), are positive toward individual salary negotiations rather than collective wage agreements.

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ECONOMY

Swedish bank’s IT fault puts customer accounts in the red

A technical problem at Sweden's Swedbank on Thursday night gave customers a nasty surprise, with their account balances inexplicably going negative, payments impossible, and Swish payments no longer working.

Swedish bank's IT fault puts customer accounts in the red

By 11.30pm, more than 2,000 Swedbank customers had reported the fault to the site Downdetector, and the problem was still not solved by 17.00pm on Friday. 

“We have an ongoing IT disruption where certain customers see an incorrect balance on their accounts,” a message on the bank’s app read. “The reason is a planned update to our internal systems which went wrong. We apologise, of course, for that and are working as quickly as possible to fix the problem.” 

The Swish payment service has also been affected, with the service, which is owned collectively by Swedish banks, reporting on its site that there was a “technical disruption at Swedbank and Sparbank which might affect Swish payments from these banks”. 

Some Swedbank customers posted their negative account balances on Twitter, expressing shock at the incorrect figures. 

The disruption comes at the worst possible time for many Swedes. Many people are paid on the 25th of the month, meaning this Friday marks the start of the payday weekend. Many will have also scheduled their bill payments for this Friday. 

Marko Saric from Malmö saw his account balance drop by 1.2 million kronor, going half a million kronor into the red. 

“It’s just totally crazy,” he told SVT. “We were going to go out and shop for the weekend. It’s lovely weather and the kids want to go out, but we can’t use our card. We’ve got no cash. Everything is in the bank.” 

“You’re just completely blocked. Colleagues need to make emergency food parcels for you. It’s just crazy that something like this should happen.” 

In its statement, the bank assured customers that their money was “secure”, and that the bank still had the correct information on what their account balance should be. 

“Customers who feel that they have suffered economic damage as a result of the disruption should contact the bank,” the message said.

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