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A new Collective Agreement has been signed between Bank of Valletta p.l.c. and the Malta Union of Bank Employees covering all employees in the clerical and managerial grades. “The collective agreement for 2008 - 2010 has all the elements to ensure the continued success of Bank of Valletta and to further 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 today at BOV’s Head Office. Mr. Depasquale expressed his satisfaction at the cooperative environment in which the negotiations were conducted and the fact that the agreement was signed in the shortest possible time.
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 subsidizing 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.
The CEO concluded by saying that the new Collective Agreement would benefit the organization as a whole and all its stakeholders. “Stable relations between the Bank and the MUBE are essential to enable us support our customers’ success and to build shareholder value through sustained growth and enhanced profitability,” said Mr. Depasquale.
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.
He said that that the collective agreement was based on mutual understanding between both sides and was beneficial for the employees whilst 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, Noel Scerri, Executive Head HR, Noel Vassallo, Manager Employee Development, Vanessa Borg, Manager Resourcing on behalf of Bank of Valletta. William Portelli, President, Sandra Clark, General Secretary, Neville Bonnici, Secretary BOV Group Committee, George Scerri and Stephen Mizzi, BOV Group Committee Members signed on behalf of the MUBE.
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