Bank of Valletta and the Malta Union of Bank Employees have concluded negotiations on the 2011-2013 collective agreement.

The agreement covers all employees in clerical and managerial grades. Bank of Valletta has a staff complement of more than 1,500 people.

Outgoing chief executive officer Tonio Depasquale revealed the agreement provided for substantial salary increases over the three years and introduced bonuses for employees that are linked to both the bank’s financial results and individual performance.

In this way, the agreement continued to evolve the mechanisms that promote meritocracy and that link rewards with performance, Mr Depasquale said.

“This agreement is testimony to a sense of maturity and responsibility, with both sides working towards ensuring the long-term sustainable growth of Bank of Valletta in the best interest of all stakeholders,” he added.

MUBE president William Portelli pointed out the agreement was an improvement on existing conditions with specific focus on performance and work-life balance.

It introduced a new performance management system and enhanced family friendly measures.

He confirmed the cordial and professional approach taken throughout negotiations and was satisfied at securing a well-deserved package for employees in the current economic and financial scenarios.

The signatories also included Michael Galea, chief officer operations and Noel Scerri, executive head HR on behalf of Bank of Valletta, MUBE general secretary Adrian Borg, and the union’s BoV Group Committee chairman Stephen Mizzi.