Bank of Valletta and the General Workers Union have signed a new Collective Agreement covering the period 2022 – 2024 at the House of the Four Winds in Valletta.

BOV Chief Executive Officer, Rick Hunkin, together with Dr Vanessa Borg, Ray Debattista, and Lawrence Schembri, signed the Agreement on behalf of the Bank.

GWU Section Secretary for the Professionals, Finance and Services section, Riccarda Darmanin, accompanied by the Group Committee members for BOV, represented the General Workers’ Union.

The Agreement, which is the result of extensive negotiations held over a period of months, provides for significant changes from previous arrangements. In an increasingly complex and highly regulated environment, the Bank and its people need to adapt for the future and the Bank and the Union have worked together to provide for this new world. Accordingly, the agreement encompasses significant changes to management structures within the bank, creating a simpler organisation where we can empower and reward our people for doing well. The agreement allows for significantly increased flexibility on salary and benefits to reflect market conditions, and in relation to new innovations tied to employee wellbeing, the Bank has included environmental and socially based rewards which will greatly benefit lower earning staff whilst contributing to the Bank’s ESG commitment.

Similarly important, and again a first for BOV, the Bank has introduced a new voluntary occupation pension scheme which will be available to all employees in the coming weeks. This scheme provides for direct contributions by the bank into an employee’s personal pension, providing for our colleagues’ long-term future.

Mr. Hunkin stated, “This agreement seeks to plot a path forward for the Bank in increasingly complex times whilst better meeting the needs of our colleagues. It will be beneficial to everyone, and I am confident today’s signing will provide our employees with growing support, better opportunities and the ability to develop and grow in line with our business.”

A key part of the BOV team leading on this work, Dr Vanessa Borg commented: “Our HR initiatives are focused on the Bank being “An innovative partner that fosters success, employee growth and wellness. I firmly believe that this agreement ties in neatly with our People and Change Strategy and serves as a sound platform to support these same initiatives. We are very pleased that through this collective agreement, we have set the foundations for improved rewards to our staff based on more streamlined yet flexible career opportunities.”

Dr Gordon Cordina, Bank of Valletta Chairman was also directly involved in shaping innovative new ways of supporting our people as part of a wider environmental, social and governance ambition. He commented that “Through a collaborative approach, the Bank and the Union have created a framework where the commitment of our people is being duly recognised, while their productivity will continue to sustain business growth and personal development.

The Section Secretary Ms. Riccarda Darmanin described this agreement as an important achievement that continues to build sound working conditions on past agreements. “We have managed to negotiate this agreement in unprecedented times. The employees at BOV have been striving through a period of continuous changes brought about by new regulations, new systems, besides being the frontliners through a pandemic. They merit to be compensated for their loyalty to the Bank and to its customers.  We have also made it certain that all the Bank’s employees be given opportunities for training and progression’.  She concluded by stating that she thanked the Chairman Dr Cordina, the Bank’s Management and the group committee for the support given during the negotiations and looks forward to continuing to strengthen the already healthy partnership with the Bank that commits to guarantee a sense of fairness and transparency among the employees.

Issued by Bank of Valletta p.l.c., 58, Triq San Zakkarija, Il-Belt Valletta VLT 1130.  Bank of Valletta p.l.c. is a public limited company regulated by the MFSA and is licensed to carry out the business of banking in terms of the Banking Act (Cap. 371 of the Laws of Malta).

 

'Credit & Financial Institutions' Related News Articles

01
H.E. Sheikh Feisal Bin Qassim Al Thani celebrates BNF Bank’s success in latest visit to Malta
BNF Bank plc

by BNF Bank plc

6th October 2022

The Changes to the Structure and Competencies of the European Supervisory Authorities (ESAS)
CSB Group

by CSB Group

31st August 2022

INSIGHT Interview: Alan Cuschieri, Founder of Moneybase
FinanceMalta

by FinanceMalta

5th August 2022

Member Spotlight: Fyorin
FinanceMalta

by FinanceMalta

5th August 2022

PrimeGlobal Named Association of the Year 2022 at IAB Awards ¦ Winning in Business with Advisory Culture.
Griffiths + Associates Ltd

by Griffiths + Associates Ltd

25th July 2022

BNF Bank launches a Credit Card Campaign with chance to win once-in-a-lifetime World Cup experience
BNF Bank plc

by BNF Bank plc

14th July 2022

BOV Asset Management launches the sixth reading of the Investor Sentiment Index for Malta.
Bank of Valletta

by Bank of Valletta

3rd June 2022

Infocredit Group shortlisted as ‘Credit Information Provider of the Year ‘at Credit Awards 2022!
Infocredit Group Limited

by Infocredit Group Limited

19th May 2022

14th International Taxation Conference l organized by the Malta Academy for Taxation Studies & the Malta Institute of Management l 3rd May 2022
Griffiths + Associates Ltd

by Griffiths + Associates Ltd

3rd May 2022

Infocredit Group sponsors the Webinar “AML, Sanctions and Embargoes: Understanding the risks and learn how to mitigate them”, organized by FEBIS
Infocredit Group Limited

by Infocredit Group Limited

28th April 2022

Free Webinar from Infocredit Group: “Transforming Consumer Creditworthiness and Affordability with the help of PSD2”
Infocredit Group Limited

by Infocredit Group Limited

8th April 2022

Infocredit Group and MACM join forces to support the Maltese Business Community with Innovative Credit Risk Management and Compliance Solutions
Infocredit Group Limited

by Infocredit Group Limited

8th April 2022

BNF Bank wins again The Banker, ‘Bank of the Year 2021’ Award for 2nd Consecutive Year
BNF Bank plc

by BNF Bank plc

3rd December 2021

Member Spotlight – Trust Stamp: Advancing Financial Inclusion in Emerging Markets from Malta
FinanceMalta

by FinanceMalta

8th July 2021

Member Spotlight – Borg Galea & Associates: Boutique Accounting Firm with Plans to Scale Up
FinanceMalta

by FinanceMalta

8th July 2021

Growth in contribution to the Gross Value Added (GVA), as well as in employment within Malta’s financial services industry according to the MFSA’s 2020 Annual Report
FinanceMalta

by FinanceMalta

18th June 2021