“The collective agreement for 2005 – 2007 has all the elements to ensure the continued success of Bank of Valletta and to support the career development of our employees.”
This was stated by BOV chief executive officer, Tonio Depasquale, as he exchanged the signed collective agreement with William Portelli, president of the MUBE, during the formal signing ceremony held last week at BOV’s Head Office.
Mr Depasquale expressed his satisfaction at the cordial and cooperative environment in which the negotiations were conducted and the fact that the agreement was signed in the shortest possible time.
The collective agreement signed between BOV and the MUBE covers all employees in the clerical and managerial grades.
Mr Depasquale said the agreement includes a good financial package with salary increases over a period of three years tied to the bank’s and the employees’ performance. The agreement also provides for the bank to offer a full customer service from all branches all the year round.
Innovative features in the collective agreement include a commitment by the bank to allocate a one-time amount of Lm100,000 towards a pension fund for employees. BOV has also undertaken to consider childcare options for its employees.
Employees will also benefit from a subsidy that will help them upgrade their cover in the health insurance scheme subscribed to by the bank.
The CEO concluded by saying that the new collective agreement would indirectly benefit the organisation as a whole and all its stakeholders. “Stable relations between the bank and the union are essential to make it possible for us to support our customers’ success and to build shareholder value through sustained growth and enhanced profitability,” Mr Depasquale said.
Mr Portelli expressed the union’s satisfaction at the successful conclusion of negotiations between the two parties. The MUBE president confirmed that the Collective Agreement covering the period 1 January 2005 to 31 December 2007 was concluded following lengthy negotiations that were conducted in a very constructive and professional manner by both parties.
He said that the collective agreement was based on mutual understanding between both sides and was beneficial for the employees while providing the necessary framework to support the continued success of Bank of Valletta.
The agreement was signed by Tonio Depasquale, CEO, Igino Xuereb, chief officer, Operations, Mario Pullicino, executive head, Noel Scerri, head HR, Charles Grech Soler, head HR Issues and Emily Grech, manager Retail Network on behalf of Bank of Valletta. William Portelli, president, Pierre Camilleri, general secretary, Neville Bonnici, secretary BOV Group Committee and George Scerri, member BOV Group Committee signed on behalf of the MUBE.