CTAWU negotiates salary increase for BOSVG workers

After months of negotiation, the Bank of St Vincent and the Grenadines (BOSVG) last Friday signed a new three-year Collective Agreement with the Commercial Technical and Allied Workers Union (CTAWU) which would see employees of the financial institution receiving an eight per cent salary increase.

The Agreement, which is retroactive to November 1, 2021, is expected to be reflected in the salaries of the bank’s employees by later this year.

The increase is distributed over the three year period – two per cent for the period 2021 – 2022; 2 percent for the period 2022 – 2023, and 4 percent for the period 2023 – 2024.

According to the CTAWU, the negotiations were delayed by the onset of the coronavirus pandemic which brought about reduced banking hours and a number of attendant setbacks.

General Secretary of the CTAWU Joseph Burns Bonadie said he was pleased with the outcome, adding that the signing of the Agreement comes at a time when parents have to purchase school supplies for their children.

In addition to the increase, Bonadie told SEARCHLIGHT that “we have a number of new items in the Agreement” but did not go into details.

The CTAWU has been representing the workers at the bank since its establishment under the name ‘National Commercial Bank’. Some of the notable achievements include the introduction of a Pension Plan, and improved terms and conditions of workers which were built upon over the years.

Bonadie noted that those workers of the bank who were acquired as a result of the purchase of the operations of CIBC First Caribbean will also benefit under the new Agreement, from the merger date.

“All in all it is a good Agreement, and following the merger a lot of expansion took place; a lot of new workers were recruited but they too will enjoy the benefits and see the purpose of becoming a member of the union and enjoying the benefits,” the trade union leader said.