A new Collective Agreement has been finalized between the Commercial, Technical and Allied Workers’ Union (CTAWU) and the Management of Republic Bank, EC Limited.
The announcement was made by the Managing Director of Republic Bank (EC) Limited, Michelle Palmer-Keizer and General Secretary of the CTAWU, Joseph ‘Burns’ Bonadie.
A release from Republic Bank EC Limited said the new agreement between the parties represents the outcome of negotiations which commenced on December 9, 2021 and covers a three-year period, with effect from February 01, 2021 to January 31, 2024.
From February 1, 2021 to January 31, 2023, instead of an increment adjustment, a one-time lump-sum will be paid to each member of the Bargaining Unit. And, for the period February 1, 2023 to January 31, 2024, a base salary adjustment of 1.5% will also apply.
Mrs. Palmer-Keizer said the Bank is happy to have reached this important settlement with the CTAUW, and she thanked all stakeholders and the Bank’s representatives for their commitment, during the negotiations,
And General Secretary of the CTAWU, Joseph Burns Bonadie noted that, the parties had to rely on the virtual medium to conduct the negotiations, given the challenges of the COVID -19 pandemic. He said the discussions were cordial, and commended the shop stewards for the role they played in bringing the agreement to an amicable conclusion. Mr. Bonadie said the CTAWU looks forward to continued good relations.
The formal signing of the new collective agreement will take place in the coming weeks and the Bank said it looks forward to extending its strong relationship with the Union.