A Vote of Confidence in the Commitment and Loyalty of Employees

As part of its strategy to strengthen its position as employer of choice, Bank of Valletta introduced a workplace pension scheme for its employees, the BOV VOPS. This is a second-pillar Voluntary Occupational Pension Scheme (VOPS) that is intended to supplement the state pension so that employees can maintain the desired standard of living during their retirement years.

The scheme was presented to employees during three offsite information sessions. In his introduction, BOV Chairman Dr Gordon Cordina stated that “at BOV, we strongly believe that our people are our most valuable asset. Employees are encouraged to invest their talents and hard work to grow and strengthen the Bank. Similarly, the Bank is using VOPS as a tool to invest in its people’s future. This scheme, which is the result of months of cross functional collaboration across the Bank, is a unique way of showing our confidence in the commitment, abilities and loyalty of our people.”

Mr. Kenneth Farrugia, BOV’s new Chief Executive Officer, commented that over the past years, Bank of Valletta has registered a series of important firsts as a bank, from being the first public company to be registered on the Stock Exchange to the Bank that launched important innovative solutions on the market like internet and mobile banking. “I strongly believe that BOV VOPS is one of the most significant firsts registered to date, simply because it is a direct investment in our people and their future well-being.”

Standing out even in such difficult circumstances

Mr. Simon Azzopardi, Chief Wealth Management Officer, highlighted the fact that while the majority of local businesses are facing tough times due to economic pressures, BOV is embarking on a highly-ambitious initiative and making a substantial investment for the benefit of all its employees. Adding to this, Mr. Ray Debattista, Acting Chief Officer People and Change, commented on the fact that the VOPS initiative was one of the main pillars of the Bank’s plan for its people, and he was highly satisfied with employees’ initial reaction to the scheme as well as the unanimous support that this initiative was given by both the Bank’s Board of Directors and the Executive Committee.

During the information sessions, Tonia Parascandolo and Claire Falzon from Bancassurance delivered a detailed explanation of how the VOPS works and its salient features. Adrian Borg, from BOV Asset Management, gave an overview of the Lifestyle Strategy implemented to cater for the investment of contributions. The salient features and benefits of BOV VOPS are the following:

  • The Bank will match every employee’s contribution up to €2,400 in a given calendar year. This commitment is guaranteed for at least the next five years;
  • Employees who currently have another workplace pension may transfer their pot under BOV VOPS.

'Credit & Financial Institutions' Related News Articles

01
The European Union Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups Regulations 2024
CSB Group

by CSB Group

5th April 2024

Bank of Valletta has supported this year’s opera by Gioachino Rossini – ‘Armida’
Bank of Valletta

by Bank of Valletta

18th March 2024

Changing the terms of a credit agreement and forbearance policies and measures: new obligations on lenders in consumer and residential property credit agreements
Ganado Advocates

by Ganado Advocates

23rd February 2024

The HSBC Malta Foundation supports Three-Year UM Research Project through RIDT
HSBC Bank Malta p.l.c.

by HSBC Bank Malta p.l.c.

19th February 2024

BOV RETROSPECTIVE EXHIBITION FEATURING WORKS BY NOEL GALEA BASON OFFICIALLY INAUGURATED
Bank of Valletta

by Bank of Valletta

17th January 2024

Goal-line Defenders: Scoring Victory Against Financial Crime with the Three Lines of AML/CFT Defence
CSB Group

by CSB Group

12th January 2024

Agreement reached on the establishment of the Anti-Money Laundering Authority (“AMLA”)
Ganado Advocates

by Ganado Advocates

3rd January 2024

FIAU Thematic Review on Company Service Providers when providing Company Formation Services
Ganado Advocates

by Ganado Advocates

3rd January 2024

Directive 93/13/EEC and mandatory statutory or regulatory provisions in consumer contracts
Ganado Advocates

by Ganado Advocates

3rd January 2024

MiCA Update: Consultation Process on the Proposed Updates to Chapter 3 of the VFA Rulebook
Ganado Advocates

by Ganado Advocates

1st November 2023

Continuing to disclose the topic EU funding for Startups ¦ Startup Definition
Griffiths + Associates Ltd

by Griffiths + Associates Ltd

31st October 2023

EU Court’s Landmark Ruling: Restricting Financial Ties to Combat Money Laundering and Terrorism Financing
Ganado Advocates

by Ganado Advocates

16th August 2023

ESMA issues public statement in relation to sustainability disclosures in prospectuses
Ganado Advocates

by Ganado Advocates

16th August 2023