APS Bank and the Malta Union of Bank Employees have signed a collective agreement until 2013.
Bank chief executive officer Edward Cachia described the agreement for 2011-2013 as “a balanced agreement with an accent on performance and generous rewards to go with it”.
He added that the agreement built on the previous one and sought to encourage staff members to better their performance through the concept of profit sharing.
MUBE president William Portelli said the agreement was innovative and introduced the performance bonus culture to the APS workforce while ensuring that the best conditions were obtained for its members. Conditions included enhanced family-friendly measures and improved health and medical benefits.