Managing Director of Republic Bank (EC) Limited, Michelle Palmer-Keizer and Joseph ‘Burns’ Bonadie, General Secretary of the Commercial, Technical and Allied Workers’ Union (CTAWU) have announced the settlement of negotiations for a new collective agreement, between Republic Bank (EC) Limited and the Union.
The new agreement between the parties represents the outcome of negotiations that 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 lumpsum will be paid to each member of the Bargaining Unit. For the period February 1, 2023 to January 31, 2024, a base salary adjustment of 1.5% will also apply.
Palmer-Keizer added, “We are happy to have reached this important settlement with the Commercial Technical and Allied Workers’ Union. I thank all stakeholders and the Bank’s representatives for their positive commitment, during the negotiations.”
Mr. Bonadie noted that, “We had to rely on the virtual medium to conduct the negotiations given the challenges of the COVID -19 pandemic. These were cordial and we commend the shop stewards for the role they played in bringing the agreement to an amicable conclusion. We look forward to continued good relations.”
The formal signing of the new collective agreement will take place in coming weeks and the Bank looks forward to extending its strong relationship with the Union.