Republic Bank and CTAWU conclude negotiations for new agreement

Republic Bank (EC) Limited and the Commercial Technical and Allied Workers Union (CTAWU), have concluded negotiations for a new three year collective agreement on behalf of workers at the financial institution.

Managing Director of Republic Bank (EC) Limited, Michelle Palmer-Keizer and Joseph ‘Burns’ Bonadie, General Secretary of the Commercial, Technical and Allied Workers’ Union (CTAWU) announced the settlement of negotiations between both parties in a news release.

The new agreement represents the outcome of negotiations that commenced on December 9, 2021 and covers a three-year period, with effect from February 1, 2021 to January 31, 2024.

The agreement provides that from February 1, 2021 to January 31, 2023, instead of an increment adjustment, a one-time lump-sum will be paid to each member of the bargaining unit.

For the period February 1, 2023 to January 31, 2024, a base salary adjustment of 1.5% will also apply.

Palmer-Keizer said “We are happy to have reached this important settlement with the Commercial Technical and Allied Workers’ Union.

“I thank all stakeholders and the Bank’s representatives for their positive commitment, during the negotiations.”

And Bonadie noted that, “We had to rely on the virtual medium to conduct the negotiations given the challenges of the COVID -19 pandemic”.

“These were cordial and we commend the shop stewards for the role they played in bringing the agreement to an amicable conclusion. We look forward to continued good relations.”

The formal signing of the new collective agreement will take place in coming weeks and the bank said it looks forward to extending its strong relationship with the union.