OSLO, June 6 (Reuters) - About 1,200 staff from Norwegian banks will resume work after they agreed through negotiations over wages and pensions, the industry and the LO labour union said late Tuesday.
The employees went on strike on May 31 after negotiations over wages, pensions and other conditions broke down.
Earlier, banks and insurers had averted the threat of a much bigger strike by agreeing with the industry’s largest labour union, the Finance Sector Union of Norway, which has more than 20,000 members.
While the larger union’s demands had primarily centred around pay, the LO, which went on strike, had also demanded a reform of pensions and broader rights to negotiate on behalf of its members.
The parties said the pay hike was similar to the Finance Sector union, while the LO said it was satisfied with the additions on pension terms. (Reporting by Ole Petter Skonnord; Editing by Sherry Jacob-Phillips)