Bank of Valletta plc and the Malta Union of Bank Employees yesterday signed a collective agreement that covers all employees in the clerical and managerial grades.

Bank of Valletta CEO Tonio Depasquale said that the agreement includes an excellent financial package with salary increases over a period of 3 years tied to the Bank’s and the employees’ performance. Innovative features within the collective agreement include the introduction of alternative and flexible working arrangements, career break and medical health checks. BOV has also undertaken to consider subsidising summer schools for children. Employees will also benefit from a better subsidy that will assist them to upgrade their cover under the health insurance scheme subscribed to by the Bank.

William Portelli, President of the Malta Union of Bank Employees, 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 from 1 January 2008 to 31 December 2010 was concluded following lengthy negotiations that were conducted in a very constructive and professional manner by both parties.

The agreement was signed by Tonio Depasquale, CEO, Igino Xuereb, chief officer, operations, Noel Scerri, executive head HR, Noel Vassallo, manager employee development, Vanessa Borg, manager resourcing on behalf of Bank of Valletta. William Portelli, president, Sandra Clarke, general secretary, Neville Bonnici, secretary BOV Group Committee, George Scerri and Stephen Mizzi, BOV Group committee members signed on behalf of the MUBE.