The Market Monitor Minding the Nation's Business
China Banking Corp.(China Bank) and the China Banking Corporation Employees Association (CBCEA) reached a new collective bargaining agreement (CBA) amounting to P511 million covering 2015-2017, among others, providing salary increases, insurance coverage, medicine and tellers’ allowances.
The union members, according to the bank’s disclosure, unanimously ratified the CBA on November 28, 2015. The new CBA is China Bank’s 24th in its 95-year history and the first under President and CEO Ricardo R. Chua.
“The new CBA is a reflection of how we value our people and how we motivate them to work harder with a renewed commitment to China Bank,” Chua said.
Outside of the total CBA package, management also approved the granting of a special bonus to China Bank staff regularized between August 2, 2015 and December 1, 2015, and the upgraded CBA benefits upon regularization to probationary employees as of date of ratification.
Chua added that the new CBA underscores China Bank’s commitment to the welfare of employees, even those just recently hired.
Both the Management and Union panels worked cooperatively during the two-month negotiations to address the needs and concerns of management and employees.
“The two sides worked together in mutual trust and respect to continually improve the working environment, while ensuring China Bank’s long term sustainability,” said VP Maria Rosanna Testa, head of the Human Resources Division (HRD) and the Management panel, said.
“China Bank has always been fair and kind to us. This new CBA not only benefits current employees, but also boosts China Bank’s ability to attract and retain highly qualified employees,” said Neilfredo de Venecia, CBCEA president and head of the Union panel.
The new CBA also provides rice and health maintenance organization (HMO) (for dependents) subsidies, and bereavement and union leave benefits; a contract signing bonus, as well as a special one-time bonus for China Bank’s regular rank and file employees nationwide. RIZA LOZADA